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Windsor Aircraft sells a wide variety of model aircraft and uses a perpetual inventory system....

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Accounting

Windsor Aircraft sells a wide variety of model aircraft and uses a perpetual inventory system. On June 1, Windsor Aircraft had five Cessna 560 model airplanes on hand at a unit cost of $95. During June and July, the company had the following purchases and sales for this airplane (all for cash):

June 4

18

30

July 5

12

25

Purchases

Units

Unit Cost

5

$120

5

125

Sales

Units

Unit Price

2

$220

6

245

3

265

2

265

(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 and final answers to 2 decimal places, e.g. 5,275.75.)

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