Question
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
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
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