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:
Proportional Value
The relationship or ratio between two quantities, measuring how the change in one affects the other in a comparative context.
Comparing Job Classes
The process of analysis and evaluation of different job categories within an organization to ensure equitable compensation and responsibilities.
Proxy
A representative, often used in the context of voting on behalf of another person in meetings or making decisions in corporate settings.
Obsolete Data
Information that is outdated or no longer applicable, often due to changes over time or technological advancements.
Q13: Operating expenses are similar in merchandising and
Q22: Some accounts need to be adjusted because<br>A)
Q30: Financial information is presented here for two
Q30: Maha Corporation has 2,000,000 authorized common shares.
Q33: When estimating the useful life of an
Q34: Notes or accounts receivables that result from
Q67: Jancy Corporation had cash sales of $150,000
Q70: Writing off an uncollectible account involves<br>A) a
Q75: Anali Corporation has determined that its drilling
Q134: Richlieu's profit margin is<br>A) 3.7%.<br>B) 5.0%.<br>C) 6.3%.<br>D)