Alternative Inventory Methods

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

Date	Transaction	Units	Cost/Unit
April 1	Balance	300
17	Purchase	200	$5.40
25	Sale	150
28	Purchase	100	5.90
May 5	Purchase	250	5.40
18	Sale	300
22	Sale	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:

1. FIFO periodic

	Cost of Goods Sold	Ending Inventory
April	$fill in the blank 1	$fill in the blank 2
May	$fill in the blank 3	$fill in the blank 4

1. FIFO perpetual

	Cost of Goods Sold	Ending Inventory
April	$fill in the blank 5	$fill in the blank 6
May	$fill in the blank 7	$fill in the blank 8

1. LIFO periodic

	Cost of Goods Sold	Ending Inventory
April	$fill in the blank 9	$fill in the blank 10
May	$fill in the blank 11	$fill in the blank 12

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

	Cost of Goods Sold	Ending Inventory
April	$fill in the blank 13	$fill in the blank 14
May	$fill in the blank 15	$fill in the blank 16

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

	Cost of Goods Sold	Ending Inventory
April	$fill in the blank 17	$fill in the blank 18
May	$fill in the blank 19	$fill in the blank 20

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

	Cost of Goods Sold	Ending Inventory
April	$fill in the blank 21	$fill in the blank 22
May	$fill in the blank 23	$fill in the blank 24

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	$fill in the blank 25	$fill in the blank 26
May	Cost of Goods Sold	Ending Inventory
Difference	$fill in the blank 27	$fill in the blank 28