Acompanypurchasedinventoryfor$800perunit.Thecompanylatersoldoneunitoftheinventoryforcashof$1,500.Undertheperpetualinventorysystem,whichaccountswillbedebitedtorecordthesale?
A. Cash,$1,500;Inventory,$800
B. Cash,$1,500;CostofGoodsSold,$800
Cash,$1,500;CostofGoodsSold,$700
D. Cash,$1,500;Inventory,$700
The financial statements of a merchandising company will show:
A. the same accounts as the financial statements of a service company.
B. gross profit after operating income on the income statement.
C. inventory as a current asset on the balance sheet.
D. cost of goods sold as an operating expense on the income statement.
The cost of inventory that is still on hand is called:
A. cost of goods sold, an expense that appears on the balance sheet.
B. inventory, a long-term asset that appears on the balance sheet.
C. inventory, a current asset that appears on the balance sheet.
D. purchases, an asset that appears on the balance sheet.
Sales revenue is based on the ________ of the inventory, while cost of goods sold is based on the ________ of the inventory.
A. cost, selling price
B. cost, cost
C. selling price, retail price
D. selling price, cost
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