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Gillis Co. reported the following January purchases and sales data for its only product. (E5-3) Date Activities Units Acquired at Cost Units sold at Retail
Gillis Co. reported the following January purchases and sales data for its only product. (E5-3) Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beg. Inv. 140 units@ $6 Jan. 10 Sales 100 units @ $15 Jan. 20 Purchase 60 units @ $5 Jan. 25 Sales 90 units @ $15 Jan. 30 Purchase 180 units @ $4.50 Required: The company uses perpetual inventory system. What is the cost of goods sold and ending inventory using the LIFO method for inventories?
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