Question
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
Jaywall Corporation, which uses a perpetual inventory system, recorded the following inventory transactions during 20X3.
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| Units | Unit Cost | Units | Selling Price |
| April 1 | Beginning inventory | 45 | $8 |
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| 25 | Purchase | 150 | 9 |
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| May 4 | Purchase | 65 | 10 |
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| 16 | Sale |
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| 120 | $16 |
| June 4 | Purchase | 50 | 12 |
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(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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Auditors Guide To IT Auditing Software Demo
Authors: Richard E. Cascarino
2nd Edition
1118147618, 978-1118147610
