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Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: The cost of the inventory on April 1 is
Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: 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 d. LIFO perpetual (Round your intermediate calculations to the nearest cent.) Cost of Goods Sold Ending Inventory \begin{tabular}{ccc} April & $ & \\ May & $ & $ \end{tabular} e. Weighted average (Round unit costs to 4 decimal places and final answers to the nearest dollar.) Cost of Goods Sold Ending Inventory \begin{tabular}{ccc} April & $ & $ \\ May & $ & $ \end{tabular} f. Moving average (Round unit costs to 2 decimal places and final answers to the nearest dollar.) Cost of Goods Sold Ending Inventory \begin{tabular}{ccc} April & $ & $ \\ May & $ & $ \end{tabular} 2. Reconcile the difference between the LIFO periodic and the LIFO perpetual results. If an amount is zero, enter " 0 ". April Cost of Goods Sold Ending Inventory Difference $ May Cost of Goods Sold Ending Inventory Difference $
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