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Category > Management Posted 31 Mar 2018 My Price 7.00

Garrett Company

Alternative Inventory Methods The Garrett Company has the following transactions during the months of April and May:

Date

 

Transaction

Units

Cost/Unit

April

1

Balance

400

 

 

17

Purchase

200

$5.50

 

25

Sale

150

 

 

28

Purchase

100

5.75

May

5

Purchase

250

5.50

 

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 costs of goods sold for each month and the inventories at the end of each month for the following alterna- tives:

a.    FIFO periodic

b.   FIFO perpetual

c.    LIFO periodic

d.   LIFO perpetual

e.    Weighted average (round unit costs to 2 decimal places)

f.     Moving average (round unit costs to 2 decimal places)

2.      Reconcile the difference between the LIFO periodic and the LIFO perpetual results.

 

 

Answers

Maurice Tutor
(5)
Status NEW Posted 31 Mar 2018 02:03 PM My Price 7.00

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