Question

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

Units Cost/Unit 500 200 $5.30 150 Date Transaction April 1 Balance 17 Purchase 25 Sale 28 Purchase May 5 Purchase 18 Sale 22 Sale 100 250 5.70 5.30 300 The cost of the inventory on April 1 is $5, $4, and $2 per unit, respectively, under the FIFO, average, and UFO cost now 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 b. FIFO perpetual Cost of Goods Sold Ending Inventory Apell O May C O D c. LIFO periodic Cost of Goods Sold Ending Inventory April May C D d. LIFO perpetual (Round your intermediate calculations to the nearest cent.) Cost of Goods Sold Ending Inventory April May C D e. Weighted average (Round unit costs to 4 decimal places and final answers to the nearest dollar) Cost of Goods Sold Ending Inventory April May $ $ 1. Moving average (Round unit costs to 2 decimal places and final answers to nearest dollar) Cost of Goods Sold Ending Inventory April 2. Reconcile the difference between the LIFO periodic and the LIFO perpetual results. If an amount is zero, enter" April Cost of Goods Sold Ending Inventory Differences May Cost of Goods Sold Ending Inventory Differences $ 0

Date Transaction Units Cost/Unit April 1 Balance 500 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:

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 answers to the nearest dollar.) Cost of Goods Sold Ending Inventory April $ $ May $ $ Moving average (Round unit costs to 2 decimal places and final answers to the nearest dollar.) Cost of Goods Sold Ending Inventory April $ $ May $ $ 2. 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 $ $ 0

Answer 1

Answer 2 a Periodic LIFO Cost of Goods available for sale Cost of Goods sold Inventory Balance April Month No. of Uniost per un Amount No. of Uniost per un Cost of Go No. of Uniost per un Inventory Balance 1-Apr 500.00 2.00 1,000.00 500.00 2.00 1,000.00 17-Apr 200.00 5.30 1,060.00 50.00 5.30 265.00 150.00 5.30 795.00 28-Apr 100.00 5.70 570.00 100.00 5.70 570.00 5.70 Total 800.00 2,630.00 150.00 835.00 650.00 1,795.00 So Cost of Goods sold as per LIFO is $ 835. So ending Inventory Balance as per LIFO is $ 1795. Cost of Goods available for sale Cost of Goods sold Inventory Balance May Month No. of Uniost per un Amount No. of Unitost per un Cost of Go No. of Uniost per un Inventory Balance 1-May 500.00 2.00 1,000.00 500.00 2.00 1,000.00 1-May 150.00 5.30 795.00 100.00 5.30 530.00 50.00 5.30 265.00 5-May 250.00 5.30 1,325.00 250.00 5.30 1,325.00 5.30 Total 900.00 3,120.00 350.00 1,855.00 550.00 1,265.00 So Cost of Goods sold as per LIFO is $ 1855. So ending Inventory Balance as per FIFO is $ 1265.

Answer 2 b Perpetual LIFO Cost of Goods available for sale Cost of Goods sold Inventory Balance Date No. of Uniost per un Amount No. of Uniost per un Cost of Go No. of Uniost per un Inventory Balance 1-Apr 500.00 2.00 1,000.00 500.00 5.00 2,500.00 17-Apr 200.00 5.30 1,060.00 500.00 200.00 2.00 5.30 1,000.00 1,060.00 25-Apr 150.00 5.30 795.00 500.00 50.00 2.00 5.30 1,000.00 265.00 28-Apr 100.00 5.70 570.00 500.00 50.00 100.00 650.00 2.00 5.30 5.70 1,000.00 265.00 570.00 1,835.00 Ending Inventory 150.00 795.00 5-May 250.00 5.30 1,325.00 500.00 50.00 100.00 250.00 2.00 5.30 5.70 5.30 1,000.00 265.00 570.00 1,325.00 18-May 250.00 50.00 5.30 5.70 1,325.00 285.00 500.00 50.00 50.00 2.00 5.30 5.70 1,000.00 265.00 285.00 22-May 50.00 5.70 285.00 500.00 50.00 550.00 2.00 5.30 1,000.00 265.00 1,265.00 Ending Inventory 350.00 1,895.00

As per HOMEWORKLIB POLICY I can only answer first 4 questions. Thanks!

Due to character limit I am attaching the images for solution of LIFO.

Garrett Company
Answer 1 a	Periodic FIFO
April Month	Cost of Goods available for sale			Cost of Goods sold			Inventory Balance
	No. of Units	Cost per unit	Amount	No. of Units	Cost per unit	Cost of Goods sold	No. of Units	Cost per unit	Inventory Balance
1-Apr	500.00	5.00	2,500.00	150.00	5.00	750.00	350.00	5.00	1,750.00
17-Apr	200.00	5.30	1,060.00				200.00	5.30	1,060.00
28-Apr	100.00	5.70	570.00				100.00	5.70	570.00
Total	800.00		4,130.00	150.00		750.00	650.00		3,380.00
So Cost of Goods sold as per FIFO is $ 750.
So ending Inventory Balance as per FIFO is $ 3380.
May Month	Cost of Goods available for sale			Cost of Goods sold			Inventory Balance
	No. of Units	Cost per unit	Amount	No. of Units	Cost per unit	Cost of Goods sold	No. of Units	Cost per unit	Inventory Balance
1-May	350.00	5.00	1,750.00	350.00	5.00	1,750.00	-	5.00	-
1-May	200.00	5.30	1,060.00				200.00	5.30	1,060.00
1-May	100.00	5.70	570.00				100.00	5.70	570.00
5-May	250.00	5.30	1,325.00				250.00	5.30	1,325.00
Total	900.00		4,705.00	350.00		1,750.00	550.00		2,955.00
So Cost of Goods sold as per FIFO is $ 1750.
So ending Inventory Balance as per FIFO is $ 2955.
Answer 1 b	Perpetual FIFO
Date	Cost of Goods available for sale			Cost of Goods sold			Inventory Balance
	No. of Units	Cost per unit	Amount	No. of Units	Cost per unit	Cost of Goods sold	No. of Units	Cost per unit	Inventory Balance
1-Apr	500.00	5.00	2,500.00				500.00	5.00	2,500.00
17-Apr	200.00	5.30	1,060.00				500.00	5.00	2,500.00
							200.00	5.30	1,060.00
25-Apr				150.00	5.00	750.00	350.00	5.00	1,750.00
							200.00	5.30	1,060.00
28-Apr	100.00	5.70	570.00				350.00	5.00	1,750.00
							200.00	5.30	1,060.00
							100.00	5.70	570.00
Ending Inventory				150.00		750.00	650.00		3,380.00
5-May	250.00	5.30	1,325.00				350.00	5.00	1,750.00
							200.00	5.30	1,060.00
							100.00	5.70	570.00
							250.00	5.30	1,325.00
18-May				300.00	5.00	1,500.00	50.00	5.00	250.00
							200.00	5.30	1,060.00
							100.00	5.70	570.00
							250.00	5.30	1,325.00
22-May				50.00	5.00	250.00	200.00	5.30	1,060.00
							100.00	5.70	570.00
							250.00	5.30	1,325.00
Ending Inventory				350.00		1,750.00	550.00		2,955.00