Good,Inc.sold inventory for $1,200 that was purchased for $700.Good records which of the following when it sells inventory using a perpetual inventory system?

Question

Quizplus · Accepted Answer

In a perpetual inventory system, when inventory is sold, the cost of goods sold is recorded by debiting the Cost of Goods Sold account and crediting the Inventory account for the cost of the inventory, which is $700 in this case.

Good,IncSold Inventory for $1,200 That Was Purchased for $700