company that uses the perpetual inventory system purchased 500 pallets of industrial soap for $1,000 and paid $150 for the eight - in The company sold the whole lot to a supermarket chain for $13000 on account the company uses the .pecific - identification method of inventory costing Which of the following entries correctly records the cost of goods sold A.Cost of Goods Sold 7.750 Merchandise Inventory 7 750 Cost of Goods Sold 7,000 Metchandise Inventory 7.000 Cost of Goods Sold 7,000 Sales Revenue 7_000 Merchandise Inventory 7,7S0 Cost of Goods Sold 771,0