Aug.1 Beginning merchandise inventory,12books@\$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 @ \$27 each b. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the FIFO inv Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand be entered into the perpetual record, calculate the quantity and total cost of merchandise inventory purchased, sold, and on hand at the e