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  3. gillis co. reported the following january purchase

Gillis Co. reported the following January purchases and sales data for its product: ...

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Accounting

Gillis Co. reported the following January purchases and sales data for its product:

Date Activity Units Cost
1/1 Beginning Inventory 140 $6
1/10 Sales 100
1/20 Purchases 60 $5
1/25 Sales 80
1/30 Purchases 180 $4.50

The company uses a perpetual inventory system. Determine the costs assigned to ending inventory and cost of goods using the following methods:

a. FIFO

b. LIFO

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