Question

Alternative Inventory Methods

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.

Required:

Compute the costs of goods sold for each month and the inventories at the end of each month for the following alternatives:FIFO periodic

	Cost of Goods Sold	Ending Inventory
April	$	$
May	$	$

FIFO perpetual

	Cost of Goods Sold	Ending Inventory
April	$	$
May	$	$

LIFO periodic

	Cost of Goods Sold	Ending Inventory
April	$	$
May	$	$

LIFO perpetual (Round your intermediate calculations to the nearest cent.)

	Cost of Goods Sold	Ending Inventory
April	$	$
May	$	$

Weighted average (Round unit costs to 4 decimal places and final answer to the nearest dollar.)

	Cost of Goods Sold	Ending Inventory
April	$	$
May	$	$

Moving average (Round unit costs to 2 decimal places. Round your final answers to nearest dollar.)

	Cost of Goods Sold	Ending Inventory
April	$	$
May	$	$

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	$	$

Answer 1

Periodic FIFO

Periodic Average

Periodic LIFO

Perpetual FIFO

Perpetual Average

Perpetual LIFO