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Purchases Sales Units Unit Cost Units Unit Price June 4 2 $232 18 5 $112 30 6 257 July 5 5 117 12 3 277 25 2 277

Purchases Sales Units Unit Cost Units Unit Price June 4 2 $232 18 5 $112 30 6 257 July 5 5 117 12 3 277 25 2 277

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Skysong Aircraft sells a wide variety of model aircraft and uses a perpetual inventory system. On June 1, Skysong Aircraft had five Cessna 560 model airplanes on hand at a unit cost of $92. 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 $232 18 5 $112 30 6 257 July 5 5 117 12 25 3 277 2 277 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 and final answers to 2 decimal places, e.g. 5,275.75.) Cost of goods sold $ Ending inventory $ Question Part Score FIFO $ $ Weighted Average Calculate gross profit using (1) FIFO and (2) weighted average. (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5.275.75.) Gross profit $ FIFO $ Weighted average --/
Transcribed Image Text:Skysong Aircraft sells a wide variety of model aircraft and uses a perpetual inventory system. On June 1, Skysong Aircraft had five Cessna 560 model airplanes on hand at a unit cost of $92. 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 $232 18 5 $112 30 6 257 July 5 5 117 12 25 3 277 2 277 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 and final answers to 2 decimal places, e.g. 5,275.75.) Cost of goods sold $ Ending inventory $ Question Part Score FIFO $ $ Weighted Average Calculate gross profit using (1) FIFO and (2) weighted average. (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5.275.75.) Gross profit $ FIFO $ Weighted average --/
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