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 2 books costing $12 each August 3 August 15: August 20 5 books costing $12 each and 7 books costing $20 each 2 books costing $20 each and 1 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. (Ester the oldest inventory layers first) Date Quantity Purchases Unit Cost Cost of Goods Sold Inventory en Hand Total Cost Quantity Unit Cost Total Unit Total More info Cost Quantity Cost Cost Aug 1 3 Aug. 17 Aug. 3 Deginning merchandise inventory, 8 books @$12 each Sold 2 books $10 each 12 Aug. 12 Purchased 10 books@120 Aug. 15 Sold 12 books $10 each Aug. 20 Purchased 2 books @ 123 each 15 Aug. 20 Sold 3 books @519 each 20 x