Skysong Aircraft sells a wide variety of model aircraft and uses a perpetual inventory system. On June $1,$ Skysong 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$)$:

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$.5,275\mathrm{.}75.)$

FIFO

$

$

Weighted Average

Cost of goods sold

Ending inventory

Question Part Score

Calculate gross profit using $(1)$ FIFO and $(2)$ weighted average. $($Round the weighted average cost per unit and final answers to $2$

decimal places, e$.$g$.5\mathrm{.}275\mathrm{.}75.)$

FIFO

Gross profit

Weighted average