5. Peaceful 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. Assume the following costing information for the books sold during the month: August 3: 8 books costing $10 each August 15 5 books costing $10 each and 7 books costing $18 each August 28 2 books costing $18 each and 1 books costing $21 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 Cost of Goods Sold Inventory on Hand Unit - Total Unit Total Unit Total x Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost More Info Aug. 1 3 Beginning merchandise inventory, 14 books @ $10 each Sold 8 books @ $22 each 12 Aug. 1 Aug. 3 Aug. 12 Aug. 15 Aug. 20 Aug. 28 Purchased 10 books @ $18 each Sold 12 books @ $22 each 15 Purchased 2 books @ $21 each 20 Sold 3 books @ $29 each Print Done 28 Totals