Fly-Buy Aircraft sells a wide variety 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 $75.00. During June and July, the company had the following purchases and sales for this airplane (all for cash): Purchases Sales Units Unit Cost Units Unit Price June 4 2 $225.00 18 5 $110.00 30 6 250.00 July 5 5 115.00 12 3 270.00 25 2 270.00 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 variety 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 $75.00. During June and July, the company had the following purchases and sales for this airplane (all for cash):
Purchases | Sales | |||||||||
Units | Unit Cost | Units | Unit Price | |||||||
June 4 | 2 | $225.00 | ||||||||
18 | 5 | $110.00 | ||||||||
30 | 6 | 250.00 | ||||||||
July 5 | 5 | 115.00 | ||||||||
12 | 3 | 270.00 | ||||||||
25 | 2 | 270.00 |
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 | $ |
$
|
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