Aug. 1 Beginning merchandise inventory, 10 books @ $15 each Aug. 3 Sold 3 books @ $20 each Aug. 12 Purchased 8 books @ $18 each Aug. 15 Sold 9 books @ $20 each Aug. 20 Purchased 4 books @ $20 each Aug. 28 Sold 5 books @ $25 each 5. Serenity Books has the following transactions in August related to merchandise inventory.     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: 3 books costing $15 each   August ​15: 4 books costing $15 each and 5 books costing $18 each   August ​28: 2 books costing $18 each and 3 books costing $20 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 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                   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 inventory layers​ first.)     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                   c. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the LIFO 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 inventory layers​ first.)     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                   d. Determine the cost of goods sold and ending merchandise inventory by preparing a perpetual inventory record using the​ weighted-average 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. ​(Round weighted average unit cost to the nearest cent and total cost to the nearest​ dollar.)     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                     Enter any number in the edit fields and then continue to the next question.   Save for Later

Beginning inventory, purchases and sales data for T-shirts are as follows: April 3 Inventory 24 units @ $10 11 Purchase 26 units @ $12 14 Sale 36 units     21 Purchase 18 units @ $15 25 Sale 20 units       Assuming the business maintains a periodic inventory system; calculate the cost of merchandise sold and ending inventory under the following assumptions: FIFO LIFO Average cost In your computations, round the average cost per unit to two decimal places and round your final answers to the nearest dollar.

The following are the transactions for the month of July.       Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55     $ 10         July 13 Purchase 275       11         July 25 Sold (100 )         $ 14   July 31 Ending Inventory 230                   Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?

Now record the cost of the putters sold on the 6th. Date Nov. 6 Accounts and Explanation Cost of Goods Sold Merchandise Inventory To record the cost of goods sold. Debit Credit