A company's inventory records report the following: Date August 1 Activities Beginning inventory August 5 Purchase August 12 Purchase Units Acquired at Cost 15 units @ $16 = $240 10 units $17 = $170 20 units @ $22 = $440 Units Sold at Retail August 15 Sales 30 units sold Using the FIFO perpetual inventory method, what is the value of the inventory at August 15 after the sale? Multiple Choice $520 $220 $850 On February 3, Smart Company sold merchandise in the amount of $2,200 to Kennedy Company, with credit terms of 3/10, n/30. The cost of the items sold is $1,520. Smart uses the perpetual inventory system and the gross method. Kennedy pays the invoice on February 8 and takes the appropriate discount. The journal entry that Smart makes on February 8 is: Multiple Choice Account Title Cash Debit 1,520 Credit Accounts Receivable 1,520 Account Title Debit Credit Cash 1,440 Accounts Receivable 1,440 Account Title Debit Credit Cash 2,120 Sales discounts 46 Accounts Receivable 2.166