Assume that Widgets, Inc. uses a perpetual specific identification inventory system. During the period, it sold 3 units on credit to one customer

Assume that Widgets, Inc. uses a periodic specific identification inventory system. During the period,
it sold 3 units on credit to one customer. The sale included one item from the beginning inventory
and 2 items from the May 5 purchase. Demonstrate the journal entry required to record the sale and
the cost of the sale by selecting all of the correct items below. (Check all that apply.)
Jan.1 Beginning Inventor 10@$12
May5 Purchase 10@$15
Aug. 8 Sale 3 units x $60 each

Accounts Receivable is debited for $ 180.
Purchases is credited for $42.
Sales is debited for $180.
Sales is credited for $180.
Accounts Receivable is credited for $ 180.



Assume that Widgets, Inc. uses a perpetual specific identification inventory system. During the
period, it sold 3 units on credit to one customer. The sale included one item from the beginning
inventor)' and 2 items from the May 5 purchase. Demonstrate the journal entry required to record the
sale and the cost of the sale bvselectin~ all oft he correct Items below. (Check all that apply.)
Jani Beginning Inventor 10@ $12
Mayi Purchase 10@ $15
Aug8 Sale 3 units x $60 each

Sales is credited for $180.
Merchandise Inventory is credited for $180.
Cost of Goods Sold is debited for $42.
Accounts Receivable is credited for $180.
Sales is debited for $180.
Accounts Receivable is debited for $180.
Purchases is credited for $42.
Merchandise Inventory is credited for $42.
Cost of Goods Sold is debited for $180.