o A company that uses the perpetual inventory wytem purchased 500 pallets of industrial soap for $7.000 and paid $770 for the right in the company sold the whole lot to a supermarket chain for $1,000 an account. The company was the specifiedertification method of inventory costing. Which of the following entries correctly records the cost of goods or 7.000 7,000 7.770 O A Cost of Goods Sold Merchandise Inventory 06. Cost of Goods Sold Merchandise Inventory OC. Cost of Goods Sold Sales Revenue OD. Merchandise inventory Cost of Goods Bold 7.770 7.000 7.000 7.770 7,770