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Beginning inventory, purchases, and sales for Item ER27 are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a)

image text in transcribed Beginning inventory, purchases, and sales for Item ER27 are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on May 25 and (b) the inventory on May 31

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