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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 300 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

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 $5.30 25 Sale 150 28 Purchase 100 5.70 May 5 Purchase 250 5.30 18 Sale 300 22 Sale 50

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Garrett Company has the following transactions during the months of April and May: Units Cost/Unit Date Transaction April 1 Balance 300 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. 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
Transcribed Image Text:Garrett Company has the following transactions during the months of April and May: Units Cost/Unit Date Transaction April 1 Balance 300 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. 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
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