Fly-Buy Aircraft sells a wide variety of model aircraft and uses a perpetual inventory system....
70.2K
Verified Solution
Link Copied!
Question
Accounting
Fly-Buy Aircraft sells a wide variety of model aircraft 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 $105. During June and July, the company had the following purchases and sales for this airplane (all Units Purchases Unit Cost Units 2 Sales Unit Price $210 June 4 18 30 July 5 12 25 5 $115 235 6 5 120 3 2 255 255 Instructions 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 to two decimal places.
B. Calculate gross profit using (1) FIFO and (2) weighted average.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
