Larkspur Aircraft sells a wide variety of model aircraft and uses a perpetual inventory system. On June 1, Larkspur 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 $227 18 5 $117 30 6 252 July 5 5 122 12 3 272 25 2 4 272 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.)

Calculate gross profit using (1) FIFO and (2) weighted alerage. (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5.275.75.)