A business sold some inventory that had cost $5,000 before taxes. The sale is subject...
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A business sold some inventory that had cost $5,000 before taxes. The sale is subject to 5% goods and services tax (GST) and 7% provincial sales tax (PST). The business uses a perpetual inventory system. How much will be credited to the Merchandise Inventory account as a result of this sale? O $5,000 O $5,300 $5,350 O $5,600 O None of these answers is correct. Physical counts of inventory * 3 points O Are not necessary under the perpetual system O Are necessary to adjust for shrinkage O Should be taken at least once a month Are necessary to adjust for shrinkage and should be taken at least once a month Are not necessary under the perpetual system and should be taken at least once a month
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