Insert Table Chart Text Shape Media Comment Collaborat A company that uses the perpetual inventory system purchased 500 pallets of industrial soap for $7.000 and paid $800 for the eight-in. The company sold the whole lot to a supermarket chain for $12,000 on account. Which of the following entries correctly records the sale? A) Cost of Goods Sold Sales Revenue 12,000 12,000 B) 12,000 Sales Revenue Merchandise Inventory 12,000 12,000 Merchandise Inventory Cost of Goods Sold 12.000 12.000 Accounts Receivable Sales Revenue 7800 Cost of Goods Sold Merchandise Inventory