QUESTION 10 A company that uses the perpetual inventory system sold goods for $2,500 to a customer on account. The company had purchased the inventory for $500. Which of the following journal entries correctly records the cost of goods sold? a. Cost of Goods Sold 500 Sales Revenue 500 500 b. Merchandise Inventory Cost of Goods Sold 500 Cost of Goods Sold Merchandise Inventory 500 Accounts Receivable Sales Revenue 500 OUESTION 11