Tetra company purchased 2,000 units of inventory that cost $4.00 each on january 1, 2016. an additional 3,000 units of inventory were purchased on january 12, 2016 at a cost of $4.20 each. tetra company sold 4,000 units of inventory on january 20, 2016. which of the following entries would be required to recognize the cost of goods sold assuming that tetra co. uses the perpetual inventory method and a fifo cost flow method?
a)inventory 16,400
cost of goods sold 16,400
b)cost of goods sold 16,600
inventory 16,600
c)cost of goods sold 16,400
inventory 16,400
d) inventory 16,600
cost of goods sold 16,600

Due to rapid employee turnover in the accounting department, the following transactions involving intangible assets were improperly recorded by bridgeport corporation. 1. bridgeport developed a new manufacturing process, incurring research and development costs of $195,600. the company also purchased a patent for $45,200. in early january, bridgeport capitalized $240,800 as the cost of the patents. patent amortization expense of $12,040 was recorded based on a 20-year useful life. 2. on july 1, 2017, bridgeport purchased a small company and as a result recorded goodwill of $52,000. bridgeport recorded a half-year’s amortization in 2017, based on a 20-year life ($1,300 amortization). the goodwill has an indefinite life. prepare all journal entries necessary to correct any errors made during 2017. assume the books have not yet been closed for 2017.