5. Wise Books has the following transactions in August related to merchandise inventory Click the icon to view the transactions.) Read the requirements 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 Inventory on Hand Unit Unit Quantity Cost Quantity Quantity Aug 1 Cost of Goods Sold Total Unit Total Total Cost Date Cost Cost Cost Cost 3 12 15 20 28 - Totals -old er ve More Info x 1 ba eb old ry seg - t Aug. 1 Aug. 3 Aug. 12 Aug. 15 Aug. 20 Aug. 28 Beginning merchandise inventory, 15 books @ $19 each Sold 7 books @ $23 each Purchased 8 books @ $21 each Sold 11 books @ $23 each Purchased 3 books @ $28 each Sold 4 books @ $31 each Print Done