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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.

image text in transcribed
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
3
12
15
20
28
Totals

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 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

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