A Company Purchased Inventory for $800 Per Unit

question 67

Multiple Choice

A company purchased inventory for $800 per unit.The company later sold one unit of the inventory for cash of $1,500.Under the perpetual inventory system,which accounts will be debited to record the sale?

• A)Cash,$1,500; Inventory,$800
• B)Cash,$1,500; Cost of Goods Sold,$800
• C)Cash,$1,500; Cost of Goods Sold,$700
• D)Cash,$1,500; Inventory,$700

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Definitions:

Verbal Fluency

The ability to generate words rapidly, typically measured during cognitive testing as an aspect of executive functions or language abilities.

Q-Sort Procedure

A method used in psychology to study individual's viewpoints, personality, or attitudes by sorting a set of statements according to criteria on a scale.

Self-Discipline

The ability to control one's feelings and overcome one's weaknesses by adhering to a set of rules or a code of behavior.

Conscientiousness

A fundamental personality trait characterized by organization, dependability, efficiency, and goal-directed behavior.