Garrett Company has the following transactions during the months of April and May: Date Transaction Units Cost/Unit April 1 Balance 500 17 Purchase 200 $5.40 25 Sale 150 28 Purchase 100 5.80 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.

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 b. FIFO perpetual Cost of Goods Sold Ending Inventory \begin{tabular}{ccccc} April & $ & & $ & x \\ May & $ & & $ & x \end{tabular} c. LIFO periodic Cost of Goods Sold Ending Inventory \begin{tabular}{cccc} April & $ & & $ \\ May & $ & & $ \end{tabular} d. LIFO perpetual (Round your intermediate calculations to the nearest cent.) Cost of Goods Sold Ending Inventory \begin{tabular}{cccc} & Cost of Goods Sold & Ending Inventory \\ April & $ & & $ \\ May & $ & & $ \end{tabular} d. LIFO perpetual (Round your intermediate calculations to the nearest cent.) Cost of Goods Sold Ending Inventory \begin{tabular}{cccc} 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}{lll} 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 $