5.

WiseWise

Books has the following transactions in

AugustAugust

related to merchandise inventory.

Read the requirements.

Aug.Aug.1	Beginning merchandise inventory, 8 books @ $ 12 each
3	Sold 22 books @ $ 16 each
12	Purchased 10 books @ $ 20 each
15	Sold 12 books @ $ 16 each
20	Purchased 22 books @ $ 23 each
28	Sold 33 books @ $ 18 each

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:	22 books costing $ 12 each
	August 15:	55 books costing $ 12$12 each and 77 books costing $ 20 each
	August 28:	22 books costing $ 20 each and 11 books costing $ 23 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
3
12
15
20
28
Totals

5. WiseBooks has the following transactions in August related to merchandise inventory Come soon to view the transactions) Read the 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: 2 books costing $12 each August 15 5 books costing $12 each and 7 books costing $20 each August 28 2 books costing $20 each and 1 books costing $23 each of the actions have Start by nong the beginning inventory balances Enter the transactions in chronological order, calculating new inventory on hand balances aher each transaction Once bon entered into the perpetual record, calculate the quantity and lotal cost of merchandise inventory purchased, sold, and on hand at the end of the period (Enter the oldest inventory Purchases Cost of Goods Sold Inventory on Hand More Info Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Aug Beginning merchandise inventory, 8 books 512 each 3 Sold 2 books $16 each 12 Purchased 10 books 520 each 15 Sold 12 books $16 each 20 Purchased 2 books 523 each 28 Sold 3 books $18 each Print Done Requirements a. Determine the cost of goods and ending merchandisinventory by preparing a perpetual inventory recording the specifi c ation method Assume the following costing information for the books sold ung the month August 3 2 books coming $12 each August 15 Sbooks costing 512 each and books coing 120 each August 282 books costing 520 each and books costing 523 each b. Det the cost of goods sold and ending merchandiserventory by preparing a perpetual inventory recording the FIFO eventory costing method e. Detmine the cost of goods sold and ending merchandise hory by preparing a perpetual invertory record using the UFO inventory costing method d. Dere the cost of goods s ind ending merchandise ventory by preparing a perpetual inventory recording the weighted average inventory costing method Round weighted average contenersi contando cost to the nearest do Print Done 5. WiseBooks has the following transactions in August related to merchandise inventory Come soon to view the transactions) Read the 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: 2 books costing $12 each August 15 5 books costing $12 each and 7 books costing $20 each August 28 2 books costing $20 each and 1 books costing $23 each of the actions have Start by nong the beginning inventory balances Enter the transactions in chronological order, calculating new inventory on hand balances aher each transaction Once bon entered into the perpetual record, calculate the quantity and lotal cost of merchandise inventory purchased, sold, and on hand at the end of the period (Enter the oldest inventory Purchases Cost of Goods Sold Inventory on Hand More Info Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Aug Beginning merchandise inventory, 8 books 512 each 3 Sold 2 books $16 each 12 Purchased 10 books 520 each 15 Sold 12 books $16 each 20 Purchased 2 books 523 each 28 Sold 3 books $18 each Print Done Requirements a. Determine the cost of goods and ending merchandisinventory by preparing a perpetual inventory recording the specifi c ation method Assume the following costing information for the books sold ung the month August 3 2 books coming $12 each August 15 Sbooks costing 512 each and books coing 120 each August 282 books costing 520 each and books costing 523 each b. Det the cost of goods sold and ending merchandiserventory by preparing a perpetual inventory recording the FIFO eventory costing method e. Detmine the cost of goods sold and ending merchandise hory by preparing a perpetual invertory record using the UFO inventory costing method d. Dere the cost of goods s ind ending merchandise ventory by preparing a perpetual inventory recording the weighted average inventory costing method Round weighted average contenersi contando cost to the nearest do Print Done