5. Look Books has the following transactions in August related to merchandise inventory (Click the icon to view the transactions.) Read the requirements. a. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the specific identification method. Assure the following costing information for the books sold during the month: August 3: 2 books costing $12 each August 15: 5 books costing S12 each and 7 books costing 520 each August 28: 2 books costing $20 each and 1 books costing 523 each Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions 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 Unit Cost Total Cost Cost of Goods Sold Unit Total Quantity Cost | Cost Inventory on Hand Unit Total Quantity | Cost Cost Quantity Date Aug. 1 i More Info Aug. 1 Beginning merchandise inventory, 8 books @ $12 each 3 Sold 2 books S16 each 12 Purchased 10 books @ $20 each 15 Sold 12 books @ $16 each 20 Purchased 2 books @ $23 each 28 Sold 3 books @S17 each Print Done