Jaywall Corporation, which uses a perpetual inventory system, recorded the following inventory transactions during 2013.
(a) Using the FIFO cost formula, calculate the amount of the cost of goods sold for the quarter ended June 30. (Show calculations)
(b) Using the average cost formula, calculate the amount of ending inventory at June 30. (Show calculations)

Question

Jaywall Corporation, which uses a perpetual inventory system, recorded the following inventory transactions during 2013.
  (a) Using the FIFO cost formula, calculate the amount of the cost of goods sold for the quarter ended June 30. (Show calculations)
(b) Using the average cost formula, calculate the amount of ending inventory at June 30. (Show calculations)

Quizplus · Accepted Answer

The Answer of Jaywall Corporation, which uses a perpetual inventory system, recorded the following inventory transactions during 2013.
  (a) Using the FIFO cost formula, calculate the amount of the cost of goods sold for the quarter ended June 30. (Show calculations)
(b) Using the average cost formula, calculate the amount of ending inventory at June 30. (Show calculations)

Jaywall Corporation, Which Uses a Perpetual Inventory System, Recorded the Following