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)
Definitions:
Verdict
A formal decision made by a jury.
Judgment Notwithstanding
A legal decision where the court overturns the jury's verdict because the facts do not legally support the decision.
Jury Verdict
The decision made by a jury at the end of a trial, regarding the guilt or innocence of the defendant or the resolution of a civil dispute.
Motion
A formal request made to a court or judge for an order or ruling in favor of the requester.
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