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A company sold inventory for $1.200 that was purchased for $700. The company records which of the following when it sells the inventory using a perpetual inventory system? Multiple Choice No entry is required for cost of goods sold and inventory Debit Cost of Goods Sold $700; credit Inventory $700. be Debit Cost of Goods Sold $1.200; credit Inventory $1,200. Debit inventory $700; credit cost of Goods Sold $700