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Please help me, Thank you!! Fly-Buy Aircraft sells a wide variety of model aircrafts and uses a perpetual inventory system. On June 1, Fly-Buy Aircraft
Please help me, Thank you!!
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 $92.00. During June and July. the company had the following purchases and sales for this airplane (all for cash): Purchases Units Unit Cost Units Sales Unit Price $232.00 June 4 2 18 5 $112.00 30 6 257.00 July 5 5 117.00 12 3 277.00 25 2 277.00 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, eg. 5.27 and final answers to 2 decimal places, eg. 52.75.) FIFO Weighted average Cost of goods sold $ $ Ending inventory $ $ GA Calculate gross profit using (1) FIFO and (2) weighted average. (Round the weighted average cost per unit to two decimal places, eg. 5.27 and final answers to 2 decimal places, e.g. 52.75.) FIFO Weighted average Gross profit $ $
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