Fly-Buy Aircraft sells a wide vanety of model aircrafts and uses a perpetual inventory system. On...

 

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Fly-Buy Aircraft sells a wide vanety of model aircrafts and uses a perpetual inventory system. On June 1, Fly-Buy Aircraft had five Cessna 560 model airplanes on hand at a unit cost of $105.00. During June and July, the company had the following purchases and sales for this airplane (all for cash): Purchases Sales Unit Unit Price Units Cost Units June 4 $210.00 18 5 $115 30 235.00 July 5 5 120.00 12 255.00 25 255.00 Determine the cost of goods sold and ending inventory under a perpetual inventory system using (1) FIFO and (2) weighted average. (Round the weighted average cost per unit to two decimal places, e.g. 5.27 and final answers to 2 decimal places, e.g. 52.75.) FIFO Weighted average Cost of goods sold Ending inventory Calculate gross profit using (1) FIFO and (2) weighted average. (Round the weighted average cost per unit to two decimal places, e.g. 5.27 and final answers to 2 decimal places, e.g. 52.75.) FIFO Weighted average Gross profit Fly-Buy Aircraft sells a wide vanety of model aircrafts and uses a perpetual inventory system. On June 1, Fly-Buy Aircraft had five Cessna 560 model airplanes on hand at a unit cost of $105.00. During June and July, the company had the following purchases and sales for this airplane (all for cash): Purchases Sales Unit Unit Price Units Cost Units June 4 $210.00 18 5 $115 30 235.00 July 5 5 120.00 12 255.00 25 255.00 Determine the cost of goods sold and ending inventory under a perpetual inventory system using (1) FIFO and (2) weighted average. (Round the weighted average cost per unit to two decimal places, e.g. 5.27 and final answers to 2 decimal places, e.g. 52.75.) FIFO Weighted average Cost of goods sold Ending inventory Calculate gross profit using (1) FIFO and (2) weighted average. (Round the weighted average cost per unit to two decimal places, e.g. 5.27 and final answers to 2 decimal places, e.g. 52.75.) FIFO Weighted average Gross profit