Fan Company sells inventory on account. The entry or entries to record this sale using a perpetual inventory system would include a: Multiple Choice Debit to Accounts Receivable Credit to Sales Revenue Debit to Cost of Goods Sold. All of the these are included to record the sale. Katie Malls has the following inventory transactions for the year: Date Jan. 1 Apr. 8 Transaction Beginning inventory Purchase Numbers of Units 20 50 Unit Cost $35 40 Total cost $ 700 2,000 $ 2,700 Jan. 1 - Dec. 31 Total sales to customers 60 What amount would Madison report for cost of goods sold using LIFO under a periodic inventory system