Elaine Company, a clothing store, sells clothing for a total selling price of $50,000 with a related cost of $35,000. Customers have a right of return within 30 days. Elaine Company estimates that 10% of the sales will be returned by customers. The entry to recognize the cost of inventory sold will include a credit to inventory and a debit to cost of goods sold for: Multiple Choice $38,500. $35,000. $30,000. $31,500.