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Alternative Inventory Methods Garrett Company has the following transactions during the months of April and...

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Accounting

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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 Cost of Goods Sold Ending Inventory April May b. FIFO perpetual Cost of Goods Sold Ending Inventory c. LIFO periodic Cost of Goods Sold Ending Inventory April May d. LIFO perpetual (Round your intermediate calculations to the nearest cent.) Cost of Goods Sold Ending Inventory April May e. Weighted average (Round unit costs to 4 decimal places and final answers to the nearest dollar.) Cost of Goods Sold Ending Inventory April May f. Moving average (Round unit costs to 2 decimal places and final answers to the 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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