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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. 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 $ 750 $ 3,390 May $ 1,750 $ 2,965 b. FIFO perpetual Cost of Goods Sold Ending Inventory April $ 750 $ 3,390 May $ 1,750 $ 2,965 c. LIFO periodic Cost of Goods Sold Ending Inventory April $ $ May $ $ d. LIFO perpetual (Round your intermediate calculations to the nearest cent.) Cost of Goods Sold Ending Inventory April $ $ May $ $ 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 $ $ f. Moving average (Round unit costs to 2 decimal places and final answers to 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 "O". April Cost of Goods Sold Ending Inventory Difference $ $ May Cost of Goods Sold Ending Inventory Difference $ $