Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May:   Date Transaction Units Cost/Unit   April 1 Balance 300         17 Purchase 200 $5.10       25 Sale 150         28 Purchase 100  5.80 May 5 Purchase 250  5.10       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: 1. Compute the inventories at the end of each month and the cost of goods sold for each month for the following alternatives: FIFO periodic FIFO perpetual LIFO periodic LIFO perpetual (Round your intermediate calculations to the nearest cent.) Weighted average (Round unit costs to 4 decimal places and final answers to the nearest dollar.) Moving average (Round unit costs to 2 decimal places and final answers to nearest dollar.)

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Alternative Inventory Methods

Garrett Company has the following transactions during the months of April and May:

 

Date Transaction Units Cost/Unit
 
April 1 Balance 300  
      17 Purchase 200 $5.10
      25 Sale 150  
      28 Purchase 100  5.80
May 5 Purchase 250  5.10
      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:

1. Compute the inventories at the end of each month and the cost of goods sold for each month for the following alternatives:

  1. FIFO periodic
  2. FIFO perpetual
  3. LIFO periodic
  4. LIFO perpetual (Round your intermediate calculations to the nearest cent.)
  5. Weighted average (Round unit costs to 4 decimal places and final answers to the nearest dollar.)
  6. Moving average (Round unit costs to 2 decimal places and final answers to nearest dollar.)
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