Alternative Inventory Methods

Garrett Company has the following transactions during the months of April and May: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:

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 $

May

b$.$ FIFO perpetual

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:

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 $

May

b$.$ FIFO perpetualb. FIFO perpetual

Cost of Goods Sold Ending Inventory

April $

$

May

$

c$.$ LIFO periodic

Cost of Goods Sold

Ending Inventory

April

$

$

May

$

d$.$ LIFO perpetual $($Round your intermediate calculations to the nearest cent.$)$

Cost of Goods Sold Ending Inventory

April

$

May

$

e$.$ Weighted average $($Round unit costs to $4$ decimal places and final answers to the nearest dollar.$)$

Cost of Goods Sold

Ending Inventory

April

$

$

May

$

$

f$.$ Moving average $($Round unit costs to $2$ decimal places and final answers to nearest dollar.$)$f$.$ Moving average $($Round unit costs to $2$ decimal places and final answers to nearest dollar.$)$

Cost of Goods Sold Ending Inventory

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