Question #3 Inventory Costing Fly-Buy Frisbees sells a wide variety of frisbees and uses a perpetual inventory system. On June 1, Fly-Buy Frisbees had five Fast Flying Frisbees on hand at a unit cost of $97.00. During June and July, the company had the following purchases and sales for this frisbee (all for cash): Purchases Units Unit Cost Units Sales Unit Price $227.00 June 4 2 18 5 $112.00 6 252.00 5 117.00 30 July 5 12 25 3 2 272.00 272.00 Instructions: Determine the cost of goods sold and ending inventory under a perpetual inventory system using (1) FIFO and (2) weighted average. Calculate gross profit using (1) FIFO and (2) weighted average