Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Transaction Units Cost/Unit Date April 1 Balance 500 17 Purchase 200 $5.30 25 Sale 150 28 Purchase 100 5.90 May 5 Purchase 250 5.30 18 Sale 300 50 22 Sale The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumptions. Required: 1. Compute the inventories at the end of each month and the cost of goods sold for each month for the following alternatives: a. FIFO periodic Cost of Goods Sold Ending Inventory April $ 750 $ 3,400 May $ 1,750 $ 2,975 b. FIFO perpetual Cost of Goods Sold Ending Inventory April $ 750 $ May $ 1,750 $ 2,975