The inventory system employing accounting records that continuously disclose the amount of inventory is called retail periodic physical perpetual Calculate the gross profit for TSU Company based on the following: $495,500 $183,500 $721,500 $226,000 TSU Co. sold merchandise to Tiger Co. on account, $25,500. terms 2/15, net 45. The Tiger Co. paid the invoice within the discount period. What is the sales amount to be recorded in the above transactions? $25,500 $26,010 $24,990 $16,000 Using a perpetual inventory system, the entry to record the return from a customer of merchandise sold on account includes a credit to Customer Refunds Payable debit to Merchandise Inventory credit to Merchandise Inventory debit to Cash If merchandise sold on account is returned to the seller, the seller acknowledges the return by issuing a sales invoice purchase invoice credit memo debit memo