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: 4 books costing $16 each August 15: 6 books costing S16 each and 5 books costing 18 each August 28 2 books costing 518 each and 2 books costing 525 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 Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Quantity Cost Cost Quantity Cost Cost Aug 16 192 3 4 16 54 8 16 112 12 8 18 8 16 112 Cost 12 8 18 15 6 16 96 90 5 10 20 3 25 18 36 2 2 28 25 50 Totals b. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetunt 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 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 12 16 192 4 20 16 112 12 8 18 146 16 112 8 15 112 5 90 80 18 144 B 16 18 3 20 60 20 3 25 75 5 90 18 25 3 75 18 28 22 88 1 18 o 1 More info 5. Dream Books has the following transactions in August related to merchandise in Click the icon to view the transactions) Read the requirements 1E 20 3 25 Aug. 1 Aug 3 Aug. 12 Aug. 15 Aug. 20 Aug. 28 Beginning merchandise inventory, 12 books@516 each Sold 4 books@ $20 each Purchased books 518 each Sold 1 books 520 ch Purchased 3 books @ $25 each Sold books @ $22 each 2 18 28 2 25 Done Totals b. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the PFO 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 Cost of Goods Sold Inventory on Hand Unit Total Unit Total Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Aug 1 12 16 199 3 4 20 80 18 112 12 8 18 144 112 18 15 B 16 5 18 112 60 20 20 3 25 75 5 23 90 75 18 75 20 4 88 1 219 Totals 19 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 first.) Purchases Cost of Goods Sold Inventory and Unit Total Unit Total Unit Total Quantity Quantity Cost Quantity Cost Aug 1 16 3 4 20 80 5 15 12 8 18 3 TE B 144 122 20 50 Date Cost Cost Cost Cost 15 16 Enter any number in the edit fields and then continue to the next question Read the requirements 15 16 20 Aug. 1 Aug 3 Aug. 12 Aug. 15 Aug. 20 Aug. 28 Beginning merchandise inventory 12 books @ 516 each Sold 4 books @ 520 each Purchased books $18 each Sold 11 books @ 520 each Purchased 3 books @ 525 each Sold 4 books @ 522 each 20 3 25 75 28 22 19 Print Done Totals 219 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 first.) Purchases Cost of Goods Sold Inventory on Hand Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Aug. 1 12 192 3 B 56 122 12 8 18 8 Unit Quantity 16 20 80 el SIE B 18 15 18 16 20 60 20 3 75 16 25 3 75 28 75 4 43 90 22 22 219 Totals 19 97 d. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetuat 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 Unit Total Cost Cost of Goods Sold Unit Total Quantity Cost Cost Inventory on Hand Unit Total Quantity Cost Cost 12 16 192 Date Quantity Cost Aug 1 3 4 20 80 & 16 12 8 18 144 16.53 16 5 15 11 20 220 18 54 3 25 75 8 19 88 159 20 28 22 88 4 43 98 11 219 Totals 191 386 4 Enter any number in the edit fields and then continue to the next question More Info - 192 Aug 1 3 122 121 8 122 144 15 122 Aug. 1 Beginning merchandise inventory, 12 books @ $16 each Aug 3 Sold 4 books @ $20 each Aug. 12 Purchased 8 books $18 each Aug. 15 Sold 11 books @ $20 each Aug. 20 Purchased 3 books @ $25 each Aug 28 Sold 4 books @ $22 each 201 3 122 75 28 93 Print Done Totals 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 cont and total cost to the nearest dollar) Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Quantity Cost Cost Quantity Quantity Cost Cost Aug 1 12 16 192 3 20 80 8 16 122 121 18 144 16.63 266 11 220 5 201 3 25 75 19.88 Date Cost Cost 4 8 16 15 18 84 20 22 8 159 28 4 89 4 43 93 219 388 19 Totals 93 Enter any number in the edit fields and then continue to the next question A