Cobbe Sales sold 400 units of product to a customer on account. The selling price was $28 per unit, and the cost, according to the company's inventory records, was $14 per unit. Provide the journal entry to record the cost of goods sold
(Assume a perpetual inventory system.)
What will be an ideal response
Cost of Goods Sold 5,600
Merchandise Inventory 5,600
Note:
Cost of Goods Sold = 400 units x $14 per unit = $5,600
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