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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 $5.30

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 $5.30
25 Sale 150
28 Purchase 100 5.70
May 5 Purchase 250 5.30
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.

  1. FIFO periodic
    Cost of Goods Sold Ending Inventory
    April $ $
    May $ $
  2. FIFO perpetual
    Cost of Goods Sold Ending Inventory
    April $ $
    May $ $
  3. LIFO periodic
    Cost of Goods Sold Ending Inventory
    April $ $
    May $ $
  4. LIFO perpetual (Round your intermediate calculations to the nearest cent.)
    Cost of Goods Sold Ending Inventory
    April $ $
    May $ $
  5. Weighted average (Round unit costs to 4 decimal places and final answers to the nearest dollar.)
    Cost of Goods Sold Ending Inventory
    April $ $
    May $ $
  6. Moving average (Round unit costs to 2 decimal places and final answers to nearest dollar.)
    Cost of Goods Sold Ending Inventory
    April $ $
    May $ $

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 $ $

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