A company that uses the perpetual inventory system purchased 500 pallets of industrial soap for 10000 and paid 750 for the freight in. The company sold the whole lot to a supermarket chain for 14000 on account. The company uses the specific identification method of inventory costing. Which of the following entries correctly records the cost of goods sold?

cost of goods sold 10750 merchandise inventory 10750

merchandise inventory 10750

cost of goods sold 10750

cost of goods sold 10000

sales revenue 10000

cost of goods sold 10000

merchandise inventory 10000