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:

August3: 10 books costing $18 each

August 15: 4 books costing $18 each and 9 books costing $21 each

August 28: 2 books costing $21 each and 2 books costing 28 each

b.Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the FIFO inventory costing method.

c.Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the LIFO inventory costing method.

d.Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the?weighted-average inventory costing method. Round weighted average unit cost to the nearest cent and total cost to the nearest dollar.

Transaction

Aug 1Beginning merchandise?inventory, 16 books?@ $18 each

3 Sold 10 books?@ $21 each

12 Purchased 12 books?@ $21 each

15 Sold 13 books?@ $21 each

20 Purchased 3 books?@ $28 each

28 Sold 4 books?@ $ 24 each

5. Read Books has the following transactions in August related to merchandise inventory. 0 (Click the icon to view the transactions.) Read the muiremenk. a. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the specitic identication method. Assume the tollowing costing information for the books sold during the month: August 3: 10 books costing $18 each August 15: 4 books costing $18 each and 9 books costing $21 each August 28: 2 books costing $21 each and 2 books costing $28 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 rst.) 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 1 2 1 5 20 28 Totals b. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the FIFO imentory costing method. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances atter 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 rst.) 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 1 5 20 28 Totals c. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the LIFO 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 rst) Purchases Cost of Goods Sold Inventory on Hand Unlt Total Unlt Total Unlt Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost d. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the weighted-average 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. (Round weighted average unit cost to the nearest cent and total cost to the nearest dollar.) 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 [ s I 12 I 1 5 ' 20 Totals