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 $5.30       25 Sale 150         28 Purchase 100  5.80 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. Instructions: 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 1 $  fill in the blank 2 May $  fill in the blank 3 $  fill in the blank 4 FIFO perpetual   Cost of Goods Sold Ending Inventory April $  fill in the blank 5 $  fill in the blank 6 May $  fill in the blank 7 $  fill in the blank 8 LIFO periodic   Cost of Goods Sold Ending Inventory April $  fill in the blank 9 $  fill in the blank 10 May $  fill in the blank 11 $  fill in the blank 12

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A:

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A:

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.