T16-2 (similar to) 5. Wise Books has the following transactions in August related to merchandise inventory. i (Click the icon to view the transactions.) Read the requirements. Question Help 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: August 15: August 28: 4 books costing $13 each 4 books costing $13 each and 2 books costing $15 each 2 books costing $15 each and 1 books costing $17 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 Unit Cost of Goods Sold Inventory on Hand Date Aug. Quantity Cost Total Cost Unit Total Unit Total Quantity Cost Cost Quantity Cost Cost More Info 9 $ 13 $ 117 3 4 $ 13 $ 52 5 $ 13 $ 65 Aug. 1 12 5 $ 15 $ 75 5 $ 13 $ 65 Aug. 3 Sold 4 books @ $17 each $ 15 $ 75 Aug. 12 Purchased 5 books @ $15 each 15 4 $ 13 $ 52 1 $ 13 $ 13 Aug. 15 Sold 6 books @ $17 each 2 $ 15 $ 30 3 $ 15 $ 45 Aug. 20 20 2 $ 17 $ 34 $ 13 $ 13 Aug. 28 Purchased 2 books @ $17 each Sold 3 books @ $23 each 3 $ 15 $ 45 $ 17 $ 34 28 2 $ 1 $ 15 $ 30 1 $ 13 $ 13 Print Done 17 $ 17 1 $ 15 $ 15 1 $ 17 $ 17 Totals 7 $ 109 13 $ 181 $ 45 3 Requirements Beginning merchandise inventory, 9 books @ $13 each 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 $13 each August 15: 4 books costing $13 each and 2 books costing $15 each August 28: 2 books costing $15 each and 1 books costing $17 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. Print Done b. 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. (Enter the oldest inventorv lavers first.) Enter any number in the edit fields and then click Check Answer. All parts showing Clear All Check Answer