5. Look Books has the following transactons in August related to merchandise inventory (Cilck the ioon to view the transactions.) Read the requirements. a. Deternine the cost of goods sold and ending merchandise imventory by preparing a perpetual inventory record using the specific identiflation method Astume the followin information for the books sold during the month: August3:August15:August28:4bookscosting$13each4bookscosting$13eachand2bookscosting$15each2bookscosting$15eachand1bookscosting$17each Start by entering the beginning Inventory balances. Enter the transactions in chronological order, calcuating new invericry on hand bajances after each transaction. Once all transactions have been entered into the perpetual record, calculate the quantify and total cost of merchandise mventory purchased, scid, and on hand at the end of the perioc More info b. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the FiFO inventory conting method Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new invertory on hand oalinces after each transacticn, Once all of th Iransactions 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. (E oldest inventory layers first.)