5. Serenity Books has the following transactions in August related to merchandise inventory Click the icon to view the transactions) Read the role 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 books costing 515 each August 15 4 books costing $15 each and books costing 518 each August 28 2 books costing 518 each and 3 books costing 520 each Start by entering the beginning inventory balance. Enter the transactions in chronological order, calculating new inventary on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record calolate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the end of the period (Enter the inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Quantity Cost Cost Aug Cost 3 12 15 20 Enter any number in the edit fields and then click Check Answer X i 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 X i 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: 3 books costing $15 each August 15: 4 books costing $15 each and 5 books costing $18 each August 28: 2 books costing $18 each and 3 books costing $20 each b. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the FIFO inventory costing method. c. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the LIFO inventory costing method. d. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the weighted average inventory costing method. Round weighted average unit cost to the nearest cent and total cost to the nearest dollar. Print Done Purchases Us Total Cost of Goods Sold Unit Total Quantity Cost Cost Inventory on Hand Unit Total Quantity Cest Cost Date Quantity Cost Cost Aug 3 2 20 Enter any number in the edit find then click Check