A company that uses the perpetual inventory system purchased 500 pallets of industrial soap for $7,000 and paid $800 for the freight-in. The company sold the whole lot to a supermarket chain for $12,000 on account. Which of the following entries correctly records the sale? Sales Revenue 12,000 Merchandise Inventory 12,000 b. Accounts Receivable 12,000 Sales Revenue 12,000 Cost of Goods Sold 7,800 Merchandise Inventory 7,800 c. Cost of Goods Sold 12,000 Sales Revenue 12,000 d. Merchandise Inventory 12,000 Cost of Goods Sold 12,000 Next