Davis Hardware Company uses a periodic inventory system. How should Davis record the sale of inventory costing $620 for $960 on account?1.Cost of Goods Sold620 Purchases 620 Accounts Receivable960 Sales Revenue 9602.Accounts Receivable960 Sales Revenue 9603.Purchases620 Gain340 Sales Revenue 9604.Accounts Receivable960 Sales Revenue 620 Gain 340
A. Option 1
B. Option 2
C. Option 3
D. Option 4
Answer: B
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