Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Transaction Units Cost/Unit Date Balance 300 April 1 Purchase 17 200 $5.40 Sale 25 150 Purchase 28 100 5.80 Purchase 5.40 May 5 250 Sale 18 300 Sale 22 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. f. Moving average (Round unit costs to 2 decimal places and final answers to nearest dollar.) Cost of Goods Sold Ending Inventory April $ $ May 2. Reconcile the difference between the LIFO periodic and the LIFO perpetual results. If an amount is zero, enter "0". Cost of Goods Sold Ending Inventory April $ $ Difference Cost of Goods Sold Ending Inventory May $ $ Difference 3. If Garrett uses IFRS, which of the previous alternatives would be acceptable, and why? If Garrett Company uses IFRS, it may report its inventory under under IFRS because it is not . It may not use consistent with any presumed physical flow of inventory. Also, is not allowed for tax purposes in most other countries, so there is no tax incentive for a company to use Note that companies that use IFRS and have rising inventory costs will report a higher income because they include holding gains in income