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. 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 Question Help 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.) Inventory on Hand Purchases Unit Cost of Goods Sold Total Date Aug. Quantity Cost Cost Quantity Unit Cost Total Unit Total Cost Quantity Cost Cost More Info 9 $ 13 $ 117 3 4 $ 13 $ 52 5 $ 13 $ 65 12 5 $ 15 $ 75 5 $ 13 $ 65 Aug. 1 5 $ 15 $ 75 Aug. 3 Beginning merchandise inventory, 9 books @ $13 each Sold 4 books @ $17 each 15 4 $ 2 $ 13 $ 52 1 $ 13 $ 13 Aug. 12 Purchased 5 books @ $15 each 15 $ 30 3 $ 15 $ 45 Aug. 15 Sold 6 books @ $17 each 20 2 $ 17 $ 34 1 $ 13 $ 13 Aug. 20 3 $ 15 $ 45 Aug. 28 Purchased 2 books @ $17 each Sold 3 books @ $23 each 2 $ 17 $ 34 2 $ 15 $ 30 1 $ 13 $ 13 Print Done 28 1 $ 17 $ 17 1 $ 15 $ 15 1 $ 17 $ 17 Totals 7 109 13 $ 181 $ 45 3 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 nernetual record calculate the quantity and total cost of merchandise inventory purchased sold and on Enter any number in the edit fields and then click Check Answer. part remaining Clear All Check Answer