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A company that uses the perpetual inventory system sold goods to a customer on account...

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Accounting

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A company that uses the perpetual inventory system sold goods to a customer on account on June 14 for $37.80. The company has the following inventory information: June 1 Beginning Inventory 14 units at $5 each June 10 Purchase 16 units at $6 each June 11 Sale 5 units June 14 Sale 6 units The company uses the FIFO method of inventory costing. Which of the following journal entries correctly records the sale on June 14? O A Cash 37.80 Sales Revenue 37.80 Cost of Goods Sold 81 Merchandise Inventory 81 37.80 37.80 B. Accounts Receivable Sales Cost of Goods Sold Merchandise Inventory 36 36 37.80 37.80 C. Accounts Receivable Sales Cost of Goods Sold Merchandise Inventory 27 27 D 37.80 37.80 Sales Revenue Accounts Receivable Cost of Goods Sold Merchandise Inventory 81 81

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