determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the specific identification method, FIFO inventory costing method, LIFO inventory costing method and the weighted average costing method

Question $2$ of $25$

This test: $100$ point$($s$)$ possible

This question: $4$ point$($s$)$ possible

$5.$ Peaceful Books has the following transactions in August related to merchandise inventory.

$($Click the icon to view the transactions.$)$

Read the requirements.

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 $$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

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.$)$

$\backslash$table$[[$Date$,$Quantity,Purchases,Cost of Goods Sold,Inventory on Hand$],[\backslash$table$[[$Unit$],[$Cost$]],\backslash$table$[[$Total$],[$Cost$]],$Quantity,$\backslash$table$[[$Unit$],[$Cost$]],\backslash$table$[[$Total$],[$Cost$]],$Quantity,$\backslash$table$[[$Unit$],[$Cost$]],\backslash$table$[[$Total$],[$Cost$]]],[$Aug$.1,,,-,,,,,,],[3,,,,$wiv,,,,,$],[12,,,,,,,,,],[,,,,,1,,,\frac{?}{\text{b}\text{a}\text{r}}(),],[15,,,6,,,,,,],[,,,,,,,,,],[20,,,,,$U$.,,,,],[,,,,,,,,,],[,,,,,,,,,]]$