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 $85.00. 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		$		$

eTextbook and Media

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		$		$