3 " D Class Lab Book Chapter 4 Homework and Cost of goods sold... Inventory... 7,000 7,000 Toais covered in 4.2 Report a problem 2. On March 1, Lindsay Co. sold inventory on account for $710 with "2/10,n/30" terms of sale. Lindsay Co. uses the perpetual approach to account for inventory. The cost of the inventory sold was $355. This is a mark-up on cost of 100% ($355 cost plus 100% of $355 cost equals $710 selling price). On March 7, goods with a sales price of $10 were returned to Lindsay by a buyer since they were the wrong color. Buyers paid Lindsay Co. the full remaining amount owed on March 9. What was the entry to record the collection on sale on March 97 Cath 606.00 Sales dacounts. 14.00 Accounts receivable 700.00 b. Cash 300.00 Accounts receivable. 700.00 Cash 710.00 Accounts receivable 710.00 Cach 69530 d. Sales dacous 1420 Accounts receivable 710.00 scovered in 4.2aaroblem Page 92 Back to too+ 4 20 pil D " % 1 10 5 6 7 8 9 E R T Y U F G H L C V B N M K P H command