During June, the following purchases and sales were made by Covid Company. There was no beginning inventory. Assuming that a perpetual inventory system is used and under the FIFO method, Which of the following entries should Covid Company use to record the cost of goods sold for sale on June 13:

2 points

Account Receivable (D) 1,220 Sales Revenue (C) 1,220

Inventory (D) 1,220 Sales Revenue (C) 1,220

Cost of Goods Sold (D) 1,220 Inventory (C) 1,220

Cost of Goods Sold (D) 1,220 Account Receivable (C) 1,220