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

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

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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