Question
Splish Brothers Aircraft sells a wide variety of model aircraft and uses a perpetual inventory system. On June 1, Splish Brothers Ajrcraft had five Cessna
Splish Brothers Aircraft sells a wide variety of model aircraft and uses a perpetual inventory system. On June 1, Splish Brothers Ajrcraft 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 $221 18 5 $116 30 6 246 July5 5 121 266 12 3 266 25 2 (a) 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, 5.8,5,275.75.)b
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