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As the owner of the T-Shirt Shack, you are preparing your financial statements. You are required to track the cost of sales and ending inventory
As the owner of the T-Shirt Shack, you are preparing your financial statements. You are required to track the cost of sales and ending inventory using a perpetual inventory system from the following transactions: Using FIFO, what is the: Cost of sales for each sales transaction? - Total cost of sales for the month? - Cost of goods available for sale after each purchase? - Cost of ending inventory at the end of the month
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