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Fly-Buy Aircraft sells a wide variety of model aircraft and uses a perpetual inventory system....

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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.

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