Question: Please help answer the below Alternative Inventory Method questions Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May:

Please help answer the below Alternative Inventory Method questions

Please help answer the below Alternative Inventory Method questions Alternative Inventory MethodsGarrett Company has the following transactions during the months of April and

Alternative Inventory Methods Garrett Company has the following transactions during the months of April and May: The cost of the inventory on April 1 is $5,$4, and $2 per unit, respectively, under the FIFO, average, and LIFO cost flow assumption 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 b. Ilru perpetual Cost of Goods Sold Ending Inventory May $ 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 e. Weighted average (Round unit costs to 4 decimal places and final answers to the nearest dollar.) Cost 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 AprilMay$$$$ 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 $ 3. If Garrett uses IFRS, which of the previous alternatives would be acceptable, and why? most other countries, so there is no tax incentive for a company to use 1 . Note that companies that use IFRS and have rising inventory costs will report a higher income because they include holding gains in income

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

\f