Question 15 of 16 - / 15 View Policies Current Attempt in Progress 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 $87.00. 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 $222.00 2 June 4 18 5 $112.00 6 247.00 30 July 5 12 5 117.00 3 267.00 267.00 25 2 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 $ $ Question 15 of 16 - / 15 5 117.00 July 5 12 3 267.00 267.00 25 2 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 $ $ 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 $ $ Save for Later Attempts: 0 of 1 used Submit