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Shamrock Aircraft sells a wide variety of model aircraft and uses a perpetual inventory system. On June 1, Shamrock Aircraft had five Cessna 560 model
Shamrock Aircraft sells a wide variety of model aircraft and uses a perpetual inventory system. On June 1, Shamrock Aircraft had five Cessna 560 model airplanes on hand at a unit cost of $81. 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 $206 18 5 $106 30 6 231 July 5 5 111 12 3 251 25 2 251 Determine the cost of goods sold and ending inventory under a perpetual inventory system using (1) Fl FO and (2) weighted average. (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5,275.75.)
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