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 $2 per unit, respectively, under the fIFO, average, and Lifo cost flow assumptions. Required 1. Compute the inventones at the end of each month and the cost of goods sold for each month for the following altematives: a. FIfo periodic Cost of Goods Sold Ending Inventory April$May$$x$x Fost of Gonde Gald Fndina Inwentows c. Litu periodic d. LIFO perpetual (Round your intermediate calculations to the nearest cent.) Cost of Goods Sold Ending Inventory 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}{ll|l} 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 $ If Garrett uses IFRS, which of the previous alternatives would be acceptable, and why? If Garrett Company uses IFRS, it may report its inventory under . It may not use presumed physical flow of inventory. Also, is not allowed for tax purposes in most other countries, so the Note that companies that use IFRS and have rising inventory costs will report a hinher inrnme herawse