a$.$ Determine the cost of goods sold and ending merchandise inventory using the FIFO inventory costing method assuming Happy Books uses the periodic inventory system.

FIFO

Beginning Merchandise Inventory

Plus: Net Cost of Inventory Purchased

Cost of Goods Available for Sale

Less: Ending Merchandise Inventory

Cost of goods sold

Transactions

Aug. $1$ Beginning merchandise inventory, $16$ books @ $$21$ each

Aug$\mathrm{.}3$Sold $4$books $$26$ each

Aug. $12$ Purchased $15$ books @ $$24$ each

Aug. $15$ Sold $13$ books @ $$26$ each

Aug. $20$ Purchased $2$ books @ $$25$ each

Aug. $28$ Sold $12$ books @ $$30$ each