| Peretual Inventory 17. On July 10, 2002, Fins and Feathers Pet Shop purchased 100 bags of Koi Chow at $10 each from Far East Distributing Company. On July 11, Fins and Feathers sold 60 bags at $15 each. Fins and Feathers uses a perpetual inventory system. Related to the sale of the 60 bags, the company should recognize, respectively, increases of ___ in sales revenue and in ___ cost of goods sold.
a. $0 and $900
b. $900 and $600
c. $900 and $1,000
d. $1,000 and $600
e. $1,500 and $600
I chose b. Just wanted to see if I did it correctly and maybe if you have a more structured way of diing it. |