Gillman Company Maintains a Perpetual Inventory System and Uses the FIFO

Essay

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.