Problem 6-5A Fly-Buy Frisbees sells a wide variety of frisbees and uses a perpetual inventory...
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Problem 6-5A Fly-Buy Frisbees sells a wide variety of frisbees and uses a perpetual inventory system. On June 1, Fly-Buy Frisbees had five Fast Flying Frisbees on hand at a unit cost of $94.00. During June and July, the company had the following purchases and sales for this frisbee (all for cash): Purchases Sales Units Unit Cost Units Unit Price June 4 2 $224.00 18 5 $114.00 30 6 249.00 July 5 5 119.00 12 3 269.00 25 2 269.00 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 TA 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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