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: August 15: August 28: 5 books costing $21 each 10 books costing $21 each and 5 books costing $23 each 6 books costing $23 each and 2 books costing $26 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 Unit Cost of Goods Sold Total Unit Total Inventory on Hand Unit Total Date Quantity Aug. 1 Cost Cost Quantity Cost Cost Quantity Cost Cost 17 $ 21 $ 357 3 5 S 21 $ 105 12 $ 21 $ 252 12 12 $ 23 $ 276 12 $ 21 5 252 12 5 23 $ 276 15 10 $ 21 $ 210 2 $ 21 $ 42 5 $ 23 $ 115 7 $ 23 $ 161 20 3 $ 26 $ 78 2 $ 21 5 42 7 $ 23 $ 161 3 S 26 5 78 6 S 23 $ 138 2 $ 21 5 42 28 2 $ 26 5 52 1 S 23 5 23 1 $ 26 $ 26 620 91 28 Totals 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 Unit Date Quantity Cost Total Cost Quantity Cost of Goods Sold Unit Cost Inventory on Hand Total Unit Total Cost Quantity Cost Cost Aug. 1 3 12 Totals 15 20 28