Alternative Inventory Methods Garrett Company has the following transactions during the months of April and Мay: Date Transaction Units Cost/Unit April 1 Balance 400 Purchase Sale Purchase Purchase 17 200 $5.50 25 150 28 100 250 5.75 May 5 5.50 18 22 Sale Sale 300 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: 1. Compute the inventories at the end of each month and the cost of goods sold for each month for the follow- ing alternatives: FIFO periodic b. FIFO perpetual LIFO periodic d. LIFO perpetual e. Weighted average (Round unit costs to 4 decimal places.) f. Moving average (Round unit costs to 4 decimal places.) 2. Next Level Reconcile and explain the difference between the LIFO periodic and the LIFO perpetual results. Next Level If Garrett uses IFRS, which of the previous alternatives would be acceptable, and why? а. с. 3.

Alternative Inventory Methods Garrett Company has the following transactions during the months of April and Мay: Date Transaction Units Cost/Unit April 1 Balance 400 Purchase Sale Purchase Purchase 17 200 $5.50 25 150 28 100 250 5.75 May 5 5.50 18 22 Sale Sale 300 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: 1. Compute the inventories at the end of each month and the cost of goods sold for each month for the follow- ing alternatives: FIFO periodic b. FIFO perpetual LIFO periodic d. LIFO perpetual e. Weighted average (Round unit costs to 4 decimal places.) f. Moving average (Round unit costs to 4 decimal places.) 2. Next Level Reconcile and explain the difference between the LIFO periodic and the LIFO perpetual results. Next Level If Garrett uses IFRS, which of the previous alternatives would be acceptable, and why? а. с. 3.

Name: Alternative Inventory Methods Garrett Company has the following trans
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Description: Alternative Inventory Methods Garrett Company has the following transactions during the months of April andMay:P7-6LO 7.5DateTransactionUnitsCost/UnitApril1Balance400$5.50PurchaseSale172002515028Purchase1005.75May5Purchase2505.50SaleSale183002250The

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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