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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 $75.00. 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 June 4             2   $225.00   18   5   $110.00             30             6   250.00   July 5   5   115.00             12             3   270.00   25             2   270.00   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   $   $

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 $75.00. 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 June 4             2   $225.00   18   5   $110.00             30             6   250.00   July 5   5   115.00             12             3   270.00   25             2   270.00   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   $   $

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 51E: Inventory Costing Methods On June 1, Welding Products Company had a beginning inventory of 210 cases...
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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 $75.00. 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
June 4             2   $225.00  
18   5   $110.00            
30             6   250.00  
July 5   5   115.00            
12             3   270.00  
25             2   270.00

 

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   $  

$

 
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