Which statement is true when recording the sale of goods for cash in a perpetual inventory system? Two journal entries are necessary: one to record the receipt of cash and reduction of inventory, and one to record the the cost of goods sold and sales revenue. Only one journal entry is necessary. It will record the receipt of cash and sales revenue. Only one journal entry is necessary. It will record cost of goods sold and reduce of inventory. Two journal enhies are necessary: one to record the receipt of cash and sales revenue, and one to record the cost of goods sold and to reduce inventory. Oriole Company has the following inventory data: A physical count of merchandise inventory on July 30 reveals that there are 54 units on hand. Using the FIFO inventory method, the amount allocated to cost of goods sold for July is $1239. $2496. $1154 $2581