Please do not give image format Alternative Inventory MethodsGarrett Company has the following transactions during the months of April and May:DateApril 11725 Sale28May 5Transaction Units Cost/Unit1822BalancePurchasePurchasePurchaseSaleSale30020015010025030050$5.405.805.40The 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 periodicCost of Goods Sold Ending Inventory$$AprilMay$b. FIFO perpetualAprilMay$c. LIFO periodicAprilAprilMayAprilMay$d. LIFO perpetual (Round your intermediate calculations to the nearest cent.)Cost of Goods Sold Ending Inventory$May$$e. Weighted average (Round unit costs to 4 decimal places and final answers to the nearest dollar.)Cost of Goods Sold Ending Inventory$AprilCost of Goods Sold Ending InventoryMay$DifferenceShow Transcribed TextMayCost of Goods Sold Ending Inventory$$$$$$$f. Moving average (Round unit costs to 2 decimal places and final answers to nearest dollar.)Cost of Goods Sold Ending Inventory$$$$Difference $$2. Reconcile the difference between the LIFO periodic and the LIFO perpetual results. If an amount is zero, enter "0".Cost of Goods Sold Ending InventoryApril$Cost of Goods Sold Ending Inventory$$3. If Garrett uses IFRS, which of the previous alternatives would be acceptable, and why?If Garrett Company uses IFRS, it may report its inventory underconsistent with any presumed physical flow of inventory. Also,incentive for a company to useinclude holding gains in income.. It may not useunder IFRS because it is notis not allowed for tax purposes in most other countries, so there is no tax▼ Note that companies that use IFRS and have rising inventory costs will report a higher income because they

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Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date April 1 17 25 28 May 5 Transaction Units Balance Purchase Sale Purchase Purchase 18 Sale 22 Sale 300 200 150 100 250 300 50 Cost/Unit $5.40 5.80 5.40 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.

Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: Date April 1 17 25 28 May 5 Transaction Units Balance Purchase Sale Purchase Purchase 18 Sale 22 Sale 300 200 150 100 250 300 50 Cost/Unit $5.40 5.80 5.40 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.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 4PA: Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering...

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