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Prepare the adjusting entry to record cost of goods sold (under FIFO) for 2018 and adjust the inventory account to its year-end balance. How to

Prepare the adjusting entry to record cost of goods sold (under FIFO) for 2018 and adjust the inventory account to its year-end balance.

How to do the entry on the periodic approach ?? is it correct to say

Cost of Good Sold 2,738,545

Purchese 2,738,545. ????? or inventory ???

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