Gillman Company maintains a perpetual inventory system and uses the FIFO method of inventory costing.Gillman reported the following events during the month of May:
Assume Gillman sells each unit of inventory for $225.
Required:
1.Make the entries for May 5 and May 8 assuming all purchases and sales are made on
credit.
2 Determine the cost of goods sold and the gross margin for May
3.Determine the number of units in ending inventory.
4.Determine the cost of the ending inventory at May 31.

Question

Gillman Company maintains a perpetual inventory system and uses the FIFO method of inventory costing.Gillman reported the following events during the month of May:
  Assume Gillman sells each unit of inventory for $225.
Required:
1.Make the entries for May 5 and May 8 assuming all purchases and sales are made on
 credit.
 2 Determine the cost of goods sold and the gross margin for May
 3.Determine the number of units in ending inventory.
 4.Determine the cost of the ending inventory at May 31.

Quizplus · Accepted Answer

The Answer of Gillman Company maintains a perpetual inventory system and uses the FIFO method of inventory costing.Gillman reported the following events during the month of May:
  Assume Gillman sells each unit of inventory for $225.
Required:
1.Make the entries for May 5 and May 8 assuming all purchases and sales are made on
 credit.
 2 Determine the cost of goods sold and the gross margin for May
 3.Determine the number of units in ending inventory.
 4.Determine the cost of the ending inventory at May 31.

Gillman Company Maintains a Perpetual Inventory System and Uses the FIFO