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Which entries correctly records the cost of goods sold

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Question - A company that uses the perpetual inventory system purchased 500 pallets of industrial soap for $8,000 and paid $780 for the freight-in. The company sold the whole lot to a supermarket chain for $14,000 on account. The company uses the specific-identification method of inventory costing. Which entries correctly records the cost of goods sold?

a. Cost of Goods Sold. 8000

Merchandise Inventory. 8000

b. Merchandise Inventory. 8,780

Cost of Goods Sold. 8,780

c. Cost of Goods Sold. 8000

Sales Revenue. 8000

d. Cost of Goods Sold. 8,780

Merchandise Inventory. 8780

Reference no: EM133036536

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