Fly-Buy Aircraft sells a wide variety of model aircraft 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. 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 $210

18 5 $115

30

6 235

July 5 5 120

12

3 255

25

2 255

Instructions

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. Calculate gross profit using (1) FIFO and (2) weighted average.