Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 400 200 $5.50 150 100 250 5.50 300 17 Purchase 25 Sale 28 Purchase 5.75 May 5 Purchase 18 Sale 22 Sale S0 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 costs of goods sold for each month and the inventories at the end of each month for the following alternatives a. FIFO periodic Cost of Goods Sold Ending Inventory 750 $ | 3,162.5 | X 2,475 X April $ May $2,012.50X$ Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 400 200 $5.50 150 100 250 5.50 300 17 Purchase 25 Sale 28 Purchase 5.75 May 5 Purchase 18 Sale 22 Sale S0 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 costs of goods sold for each month and the inventories at the end of each month for the following alternatives a. FIFO periodic Cost of Goods Sold Ending Inventory 750 $ | 3,162.5 | X 2,475 X April $ May $2,012.50X$