5. Serenity Books has the following transactions in August related to merchandise inventory. (Click the icon to view the transactions.) Read the requirements. 15$ 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 S15 each and 5 books costing $18 each August 28 2 books costing S18 each and 3 books costing 520 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 Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Aug. 1 10 15 $ 150 45 $ 15 105 12 8 $ 18$ 144 71 $ 15$ 105 18 $ 144 151 41 $ 15 s 80 31 $ 15$ 45 51s 18$ 90 3 $ 18 ] $ 54 4 $ 20 $ 80 31 $ 15 45 31 $ 18 $ 54 20 $ 80 21 s 18$ 36 3 $ 15 $ 45 28 3 $ 20 $ 60 18 ] $ 18 11 $ 20$ S 12 224 Totals 17 291 s 5 83 20 b. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the FIFO inventory costing method. 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 Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost i Requirements i More Info Aug. 12 15 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 201 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 S15 each August 15 4 books costing $15 each and 5 books costing $18 each August 28 2 books costing S18 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. 28 Print Done Totals Print Done
