The Chief of Police may, in his or her discretion, investigate and verify the information and details contained in the application and inventory furnished by the licensee, and the items of goods, wares or merchandise sold pursuant to any closeout sale licensed under this article. No licensee shall fail, refuse or neglect to keep accurate records of all items, goods, wares or merchandise sold pursuant to such licensed closeout sale. Such records shall be kept in such form as to enable the Chief of Police to ascertain the kind, quantity, number, cost and sale prices of items sold. No licensee shall fail or refuse, on the request of the Chief of Police, to give to the Chief of Police or his or her designated representative during the continuance of any licensed closeout sale all facts relating to stock on hand, full and accurate information as to items offered or sold or any other information which the Chief of Police may require in order to make a thorough investigation of all matters relating to any licensed closeout sale or the disposition of goods, wares or merchandise pursuant thereto.