Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May Date Transaction Units Cost/Unit 400 $5.50 April 1 17 25 28 May 5 18 22 Balance Purchase Sale Purchase Purchase Sale Sale 200 150 100 250 5.75 5.50 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 $ 2,925 May $ 1,800 $ 2,500 b. FIFO perpetual Cost of Goods Sold Ending Inventory April $ 750 $ 2,925 May $ 1,800 $ 2,500 c. LIFO periodic Cost of Goods Sold Ending Inventory April $ 380.75 x $ 2,825 x May $ 1,925 $ 2,275 x d. LIFO perpetual (Round your intermediate calculations to the nearest cent.) Cost of Goods Sold Ending Inventory April $ 825 $ 2,850 X May $ 1,950 $ 2,275 x e. Weighted average (Round unit costs to 4 decimal places and final answers to the nearest dollar.) Cost of Goods Sold Ending Inventory April $ 787.50 x $ 2,887.50 x May $ 1,864.83 x $ 2,397.64 X f. Moving average (Round unit costs to 2 decimal places and final answers to nearest dollar.) Cost of Goods Sold Ending Inventory April 7,752.00 x $ 2,900.04 X May $1,870.33 X $ 2,404.71 X 2. Reconcile the difference between the LIFO periodic and the LIFO perpetual results. If an amount is zero, enter "o". April Cost of Goods Sold Ending Inventory Difference $ 444.25 x 25 May Cost of Goods Sold Ending Inventory Difference $ 25 0