Steelman Company purchased inventory on account. The inventory costs $2,000 and is expected to sell for $3,000. How should Steelman record the purchase using a periodic inventory system?1.Purchases2,000 Accounts Payable 2,0002.Cost of Goods Sold2,000 Deferred Revenue1,000 Sales Revenue 3,0003.Cost of Goods Sold2,000 Accounts Payable 2,0004.Cost of Goods Sold2,000 Gain1,000 Accounts Payable 3,000
A. Option 1
B. Option 2
C. Option 3
D. Option 4
Answer: A
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