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Aug. 1

Beginning merchandise inventory, 12 books @ $14 each

Aug. 3

Sold 4 books @ $18 each

Aug. 12

Purchased 8 books @ $20 each

Aug. 15

Sold 9 books @ $18 each

Aug. 20

Purchased 5 books @ $29 each

Aug. 28

Sold 6 books @ $26 each

5. Heavenly Books has the following transactions in August related to merchandise inventary (Click the icon to view the transactions. Rend the recuinements FREE a Determine the cost of goods sold and ending merchandise inventary by preparing a perpetual inventory record using the specific identification method. Assume the following costing information for the books sold during the month August 3 4 books coating $14 each August 15 4 books coating $14 each and 5 bocke costing 520 each August 28 2 books costing $20 each and 4 books costing S28 each Start by entering the beginning inventory balances. Enter the transactions in chrano ogical order, calculating new inventory on hand balances after each transaction. Once all of the transacions have been entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first) Purchases Cost of Goods Sold Inventory on Hand - X Unit Total Unit Total Unit Total Requirements Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Aug. 1 a. Determine the cost of goods sold and ending merchandise inventory by 3 preparing a perpetual invertory recard using the specific identification method Assume the following costing information for the books sold during the month: 12 Auguel 3: 4 books cooling $14 each August 15 4 books pusling 314 each and 5 books costing 520 each August 28: 2 books culing 320 each and 4 books costing S2 each 15 b. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the FIFO inventory costing 20 method. c. Determine the cost of goods sold and ending merchandise inventary by preparing a perpetual invertory recard usirgtheLIFO inventary casting method. d. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual Inventory record using the walghiac-average nentory 28 Costing method. Round weighted average unit cast to the nearest cent and total cost to the nearest dollar Talalu Print Done

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