Tetra Co. uses the perpetual inventory system and a FIFO cost flow method. On January 1, the company purchased 3,300 units of inventory that cost $8.5 each. On January 12, the company purchased an additional 4,300 units of inventory at a cost of $5.35 each. On January 20, Tetra Company sold 5,300 units of inventory. Which of the following entries would be required to recognize the cost of goods sold on that date? Multiple Choice 38,750 Inventory Cost of goods sold 38,750 38,850 Cost of goods sold Inventory 38,850 38,750 Cost of goods sold Inventory 38,750 38,850 Inventory Cost of goods sold 38,850