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23. Tehran Ltd. uses FIFO to cost its inventory. The following information is available for Tehran's inventory of product # 101: Beginning inventory: 120 units
23. Tehran Ltd. uses FIFO to cost its inventory. The following information is available for Tehran's inventory of product # 101: Beginning inventory: 120 units @ $3.14 per unit March 1: Purchase of 250 units @ $3.50 per unit April 10: Sale of 100 units @ $5.10 per unit Assuming Tehran uses the perpetual inventory system, the second entry to account for the April 10 sale is a) debit Cost of Goods Sold and credit lnventory, $350. b) debit Cost of Goods Sold and credit Purchases, $350. c) debit Cost of Goods Sold and credit Inventory, $314. d) debit Cost of Goods Sold and credit Purchases, $314
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