Questions 5 and 6 are based on the following information. ABC Co. sold merchandise inventory on account for $10,000 that cost $7,000.

Under the periodic approach, the entry (entries) at the time of the sale of the inventory on account is (are) as follows:

	a.	Cost of goods sold.7,000 Inventory7,000
	b.	Accounts receivable10,000 Sales.10,000 and Cost of goods sold.7,000 Inventory...7,000
	c.	Accounts receivable.10,000 Sales.10,000
	d.	Cash.10,000 Accounts receivable.10,000 and Cost of goods sold.7,000 Inventory7,000