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Jaywall Corporation, which uses a perpetual inventory system, recorded the following inventory transactions during 20X3.   ...

Jaywall Corporation, which uses a perpetual inventory system, recorded the following inventory transactions during 20X3.   

Units

Unit Cost

Units

Selling Price

April 1

Beginning inventory

45

$8

25

Purchase

150

9

May 4

Purchase

65

10

16

Sale

120

$16

June 4

Purchase

50

12


  (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)

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