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TeCo uses the perpetual method and FIFO costing. TeCo's December 31, 20X5, inventory consists of 800 units @ $7. In 20X6, TeCo's merchandise purchases and

TeCo uses the perpetual method and FIFO costing. TeCo's December 31, 20X5, inventory consists of 800 units @ $7. In 20X6, TeCo's merchandise purchases and sales are as follows; Purchases ebruary 24 1,700 @ June 11 August 18

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