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Nico begins operations in 2014, makes all sales on account, uses the perpetual method and FIFO costing, and shows the following data: February 4 Purchases

Nico begins operations in 2014, makes all sales on account, uses the perpetual method and FIFO costing, and shows the following data:

February 4 Purchases 700 at $7 Dec 21 sales 1,500 at $18

May 11 Sales 400 at $15 On December 21, What entries does NiCo records?

July 14 Purchases 1,100 at $8

September 19 Purchases 3,000 at $10

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