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Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record, using the first-in, first-out method. Under FIFO, if units are

Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record, using the first-in, first-out method. Under FIFO, if units are in inventory at two different costs, enter the units with the LOWER unit cost first in the Cost of Merchandise Sold Unit Cost column and in the Inventory Unit Cost column.

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