i need the answer quickly Skysong Aircraft sells a wide variety of model aircraft and uses a perpetual inventory system. On June 1, Skysong Aircraft had fiveCessna 560 model airplanes on hand at a unit cost of $92. During June and July, the company had the following purchases and salesfor this airplane (all for cash):PurchasesSalesUnitsUnit CostUnitsUnit PriceJune 42$232185$112306257July 55117122532772277Determine the cost of goods sold and ending inventory under a perpetual inventory system using (1) FIFO and (2) weightedaverage. (Round the weighted average cost per unit and final answers to 2 decimal places, e.g. 5,275.75.)Cost of goods sold$Ending inventory$Question Part ScoreFIFO$$Weighted AverageCalculate gross profit using (1) FIFO and (2) weighted average. (Round the weighted average cost per unit and final answers to 2decimal places, e.g. 5.275.75.)Gross profit$FIFO$Weighted average--/

InventoryThe raw material used for the production of goods and the goods that are available for sale…

Answered: Purchases Sales Units Unit Cost Units…

Business

Accounting

Purchases Sales Units Unit Cost Units Unit Price June 4 2 $232 18 5 $112 30 6 257 July 5 5 117 12 3 277 25 2 277

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Kingbird Aircraft sells a wide variety of model aircraft and uses a perpetual inventory system. On June 1, Kingbird Aircraft had five Cessna 560 model airplanes on hand at a unit cost of $90. During June and July, the company had the following purchases and sales for this airplane (all for cash): Purchases Sales Unit Unit Units Cost Units Price June 4 2 $205 18 5 $105 30 9 230 July 5 12 25 110 3 250 2 250 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. 5,275.75.) Cost of goods sold $ FIFO Weighted Average
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Canadian Tire sells soccer balls and uses a perpetual inventory system. Canadian Tires inventory records show that at March 1, there were 50 units on hand at a cost of $15 each. Transactions related to purchase and sale of soccer balls in March were as follows: Per unit Cost 17 $14 Date Mar 2 Transaction Purchase Sale Units Sales price Mar 5 60 $20 Mar 15 Purchase 80 $12 Mar 30 Sale 50 $20 Instructions a. For each of the following cost formulas, calculate the ending inventory as at March 31 and the cost of goods sold for the month of March. i. FIFO ii. Average b. Assume that Canadian Tire is motivated to report the highest profit possible. Which method will they prefer?