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 $5.20 25 Sale 150 28 Purchase 100 5.90May 5 Purchase 250 5.20 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
Cost of Goods Sold Ending Inventory
April $ fill in the blank 1750$ fill in the blank 2
3,380
May $ fill in the blank 31,750$ fill in the blank 4
1,830
FIFO perpetual
Cost of Goods Sold Ending Inventory
April $ fill in the blank 5750$ fill in the blank 6
3,380
May $ fill in the blank 71,750$ fill in the blank 8
LIFO periodic
Cost of Goods Sold Ending Inventory
April $ fill in the blank 9850$ fill in the blank 10
May $ fill in the blank 11$ fill in the blank 12
Mathbot Says...
I wasn't able to parse your question, but the HE.NET team is hard at work making me smarter.