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

Essay

Jaywall Corporation, which uses a perpetual inventory system, recorded the following inventory transactions during 20X3. $$\begin{array} { | l | l | r | r | r | r | } \hline & & & \text { Purchases } & & \text { Sales } \\\hline \text { Price/Unit } & & \text { Units } & \text { Unit Cost } & \text { Units } & \text { Selling } \\\hline \text { April 1 } & \text { Beginning inventory } & 45 & \$ 8 & & \\\hline 25 & \text { Purchase } & 150 & 9 & & \\\hline \text { May 4 } & \text { Purchase } & 65 & 10 & & \\\hline 16 & \text { Sale } & & & 120 & \$ 16 \\\hline \text { June 4 } & \text { Purchase } & 50 & 12 & & \\\hline\end{array}$$ (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)