Beginning inventory, purchases, and sales data for tennis rackets are as follows: 
Complete the inventory cost card assuming the business maintains a perpetual inventory system and determine the cost of goods sold and ending inventory using FIFO.
Definitions:
Encoding
The method of transforming data into a format that can be retained in memory storage.
Storage
The retention of information or material in memory for future retrieval.
Retrieval
The process of getting information out of memory storage and into conscious awareness.
Over Time
Refers to the duration or period during which events or processes occur or continue.
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