1. When goods are sold under a perpetual inventory system, the journal entry requires a debit to 2. After posting is completed in the accounts receivable ledger and the general ledger, the total of the accounts receivable ledger balances should equal the 3. If ending merchandise inventory is overstated by $5,000, then net income will be overstated by $5,000. a. True b. False 4. Harden Company had goods available for sale at cost amounting to $120,000 and at retail amounting to $200,000. The net sales for the current period amounted to $150,000. What is the estimated value of the ending inventory at cost using the retail method? Show your work