MCQ Q1Which of the following is not recorded at the time of sales in a perpetual inventory system 1-Sales revenue 2-Cost of goods sold 3-Cash or accounts payable 4-Cash or accounts receivable Q2 On 10 April, Garnier Packing Supplies purchased merchandise inventory worth RM156,000 on account. The credit terms was 3/10, n/30. On 12 April, Garnier returned RM11,000 of the merchandise due to damage during shipment. On 19 April, Garnier paid the amount due and record the transaction in the following accounts: (Note: Garnier used perpetual inventory system) 1-Debit: Accounts Payable and Credit: Cash 2-Debit: Accounts Payable, Credit: Purchase Discount and Credit: Cash 3-Debit: Accounts Receivable, Debit: Inventories and Credit: Cash 4-Debit: Accounts Payable, Credit: Inventories and Credit: Cash Q3You are given the following information: Purchase : RM281,750, Purchase Discount: RM4,410, Freight in: RM14,700, Purchase Return: RM61,250, Beginning Inventory: RM 0. Ending Inventory: RM31,290. Required: Calculate the cost of Goods Sold 1-RM195,900 2-RM199,500 3-RM184,800 4-RM170,100 Q4You are given the following information: Purchase : RM281,750, Purchase Discount: RM4,410, Freight in: RM14,700, Purchase Return: RM61,250, Sales: Revenue: RM297,500, Sales Return: RM16,800, Beginning Inventory: RM 0, Ending Inventory: RM31,290. Required: Calculate the Gross Profit. 1-RM82,100 2-RM81,200 3-RM98,000 4-RM89,120