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 $ 14 each August 15: 4 books costing $ 14 each and 5 books costing $ 20 each August 28: 2 books costing $ 20 each and 4 books costing $ 29 each Aug.1 Beginning merchandise inventory, 12 books @ $ 14 each 3 Sold 4 books @ $ 18 each 12 Purchased 8 books @ $ 20 each 15 Sold 9 books @ $ 18 each 20 Purchased 5 books @ $ 29 each 28 Sold 6 books @ $ 21 each

I NEED HELP WITHb. 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.

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 $ 14 $ 168 3 4 $ 14 $ 56 8 $ 14 | $ 112 12 8 $ 20 $ 160 8 $ 14 $ 112 8 $ 20 $ 160 15 8 $ 14 $ 112 4 $ 20 80 4|| $ 20 80 20 5 $ 29 $ 145 4 $ 20 80 5 $ 29 $ 145 28 $ 20 20 3 $ 20 60 5 $ 29 $ 145 $ 305 268 Totals 17 205 13 8