A company that uses the perpetual inventory system purchased 500 pallets of industrial soap for $10,000 and paid $750 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 of the following entries correctly records the cost of goods sold? 
Definitions:
Null Hypothesis
The theory asserting that the observed differences between certain groups are not substantial but rather can be attributed to errors in sampling or experimentation.
Obtained Value
The actual value or result found from a statistical test or experiment.
Critical Value
A point on the scale of the test statistic beyond which the null hypothesis is rejected.
Null Hypothesis
A default hypothesis that there is no significant difference or relationship between specified populations, any observed effect is due to sampling or experimental error.
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