Kiwi Ltd., which uses a perpetual inventory system, recorded the following inventory transactions for this year: 
Instructions
a. Using the FIFO cost formula, calculate the cost of goods sold for the quarter ended June 30. Show calculations.
b. Using the average cost formula, calculate the ending inventory at June 30. Show calculations and use unrounded numbers in your calculations but round to the nearest cent for presentation purposes in your answer.
Definitions:
Decision Makers
Individuals or groups within an organization responsible for making choices that affect the company's direction, operations, and policies.
Ethics
A branch of philosophy that involves systematizing, defending, and recommending concepts of right and wrong behavior, focusing on the morality of human actions.
Behavior
The actions or reactions of an individual or group in response to external or internal stimuli.
Penalty
A punishment imposed for breaking a law, rule, or contract.
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