Kiwi Ltd., which uses a perpetual inventory system, recorded the following inventory transactions for this year: Instructions
a. Using the FIFO cost formula, calculate the cost of goods sold for the quarter ended June 30. Show calculations.
b. Using the average cost formula, calculate the ending inventory at June 30. Show calculations and use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.

Question

Kiwi Ltd., which uses a perpetual inventory system, recorded the following inventory transactions for this year:  Instructions 
a. Using the FIFO cost formula, calculate the cost of goods sold for the quarter ended June 30. Show calculations.
b. Using the average cost formula, calculate the ending inventory at June 30. Show calculations and use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.

Quizplus · Accepted Answer

The Answer of Kiwi Ltd., which uses a perpetual inventory system, recorded the following inventory transactions for this year:  Instructions 
a. Using the FIFO cost formula, calculate the cost of goods sold for the quarter ended June 30. Show calculations.
b. Using the average cost formula, calculate the ending inventory at June 30. Show calculations and use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.

Kiwi Ltd, Which Uses a Perpetual Inventory System, Recorded the Following