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Garrett Company has the following transactions during the months of April and May: DateTransactionUnitsCost / UnitApril 1 Balance 3 0 0 1 7 Purchase 2
Garrett Company has the following transactions during the months of April and May:
DateTransactionUnitsCostUnitApril BalancePurchase$SalePurchaseMay PurchaseSaleSale
The cost of the inventory on April is $ $ and $ 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:
FIFO periodic
Cost of Goods SoldEnding InventoryApril$fill in the blank $fill in the blank May$fill in the blank $fill in the blank
FIFO perpetual
Cost of Goods SoldEnding InventoryApril$fill in the blank $fill in the blank May$fill in the blank $fill in the blank
LIFO periodic
Cost of Goods SoldEnding InventoryApril$fill in the blank $fill in the blank May$fill in the blank $fill in the blank
LIFO perpetual Round your intermediate calculations to the nearest cent.
Cost of Goods SoldEnding InventoryApril$fill in the blank $fill in the blank May$fill in the blank $fill in the blank
Weighted average Round unit costs to decimal places and final answers to the nearest dollar.
Cost of Goods SoldEnding InventoryApril$fill in the blank $fill in the blank May$fill in the blank $fill in the blank
Moving average Round unit costs to decimal places and final answers to the nearest dollar.
Cost of Goods SoldEnding InventoryApril$fill in the blank $fill in the blank May$fill in the blank $fill in the blank
Reconcile the difference between the LIFO periodic and the LIFO perpetual results.If an amount is zero, enter
AprilCost of Goods SoldEnding InventoryDifference$fill in the blank $fill in the blank MayCost of Goods SoldEnding InventoryDifference$fill in the blank $fill in the blank
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