Southeast Hardware sold $20$ drills for $$8$ each. Each drill cost $$5.$ Which journal entry is required at the time of sale under a perpetual inventory system?

Cash $160$

Sales $160$

Cash $160$

Inventory $100$

Gain on sale $60$

Cash $160$

Inventory $160$

Cash $160$

COGS $100$

Sales $160$

Inventory $100$