The sale affect the company's inventory account and the account will decrease by $130.
What is inventory account?
Inventory accounting is the branch of accounting concerned with the valuation and recording of changes in inventoried assets. The inventory of a business typically includes commodities in three stages of production: raw goods, in-process goods, and finished goods that are ready for sale. Inventory accounting assigns values to each of these three processes and records them as corporate assets. Assets are things that will most likely be valuable to the firm in the future, so they must be precisely valued in order for the organisation to have a precise valuation.
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