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104. Serenity Books has the following transactions in August related to merchandise inventory. Click the icon to view the transactions.) Read the requirements a., b.,
104. Serenity Books has the following transactions in August related to merchandise inventory. Click the icon to view the transactions.) Read the requirements a., b., and c. Determine the cost of goods sold and ending merchandise inventory using the (a) FIFO inventory costing method, (b) LIFO inventory costing method, and (c) weighted average inventory costing method assuming Serenity Books uses the periodic inventory system. (Round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar.) a. FIFO Plus: Less: Cost of goods sold Requirements a. Determine the cost of goods sold and ending merchandise inventory using the FIFO inventory costing method assuming Serenity Books uses the periodic inventory system. b. Determine the cost of goods sold and ending merchandise inventory using the LIFO inventory costing method assuming Serenity Books uses the periodic inventory system c. Determine the cost of goods sold and ending merchandise inventory using the weighted average inventory costing method assuming Serenity Books uses the periodic inventory system. Print Done More Info Aug. 1 Aug. 3 Aug. 12 Aug. 15 Aug. 20 Aug. 28 Beginning merchandise inventory, 10 books @ $15 each Sold 3 books @ $20 each Purchased 8 books @ $18 each Sold 9 books @ $20 each Purchased 4 books @ $20 each Sold 5 books @ $25 each Print Done
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