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The beginning inventory at Midnight Supplies and data on purchases and sales for a three month period ending March 31 are as follows: 1. Record the inventory, purchases, and cost of goods sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3 , using the first-in, first-out method. Definition of cost of sales. Cost of sales (also known as "cost of goods sold") refers to the cost required to manufacture or purchase a product that is then sold to a customer. Essentially, the cost of sales refers to what the seller has to pay in order to create the product and get it into the hands of a paying customer. Pretty much everything else is a bargain in these countries as well, so they are gaining in traction with the masses. Antigua Backpacker Index: US$37.59 per day Panama City Backpacker Index: US$27.72 per day Bolivia and Ecuador Once you get there, most of South America is a bargain by international standards, but of course it's quite uneven.

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