An application can be seen as ________ of objects and ________ among those objects to fulfill the requirements of the application

A company that uses the perpetual inventory system purchased 500 pallets of industrial soap for $12,000 and paid $770 for the freight-in. The company sold the whole lot to a supermarket chain for $13,000 on account

The company uses the specific-identification method of inventory costing. Which of the following entries correctly records the cost of goods sold? A) Cost of Goods Sold 12,770 Merchandise Inventory 12,770 B) Merchandise Inventory 12,770 Cost of Goods Sold 12,770 C) Cost of Goods Sold 12,000 Sales Revenue 12,000 D) Cost of Goods Sold 12,000 Merchandise Inventory 12,000

An umbrella policy insures property from damage caused by weather-related risks.

a. true b. false