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    gdblssng's Avatar
    gdblssng Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 30, 2006, 10:52 PM
    Fifo & Lifo
    This is a question that I do not understand if you could please help me urgently that would be greatly appreciated.

    The Garrett Company has the following transactions during the months of April and May:
    Date Transactions Units Cost/Unit
    April 1 Balance 400
    April 17 Purchase 200 $5.50
    April 25 Sale 150
    April 28 Purchase 100 $5.75
    May 5 Purchase 250 $5.50
    May 18 Sale 300
    May 22 Sale 50

    The cost of the inventory on April 1st is $5, $4, and $2 per unit, respectively, under FIFO, average, and LIFO cost flow assumptions.
    1. Compare the costs of goods sold for each month and the inventories at the end of each month for the following alternatives: FIFO periodic and perpetual; LIFO periodic and perpetual; Weighted average (round to 2 decimals); Moving average (round to 2 decimals)
    2. Reconcile the difference between the LIFO periodic and the LIFO perpetual results.

    If you could please write out specific things you do that would be great for I can learn. :)
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Oct 31, 2006, 07:29 AM
    Please review the following guidelines on homework help.

    https://www.askmehelpdesk.com/arts-l...uncements.html
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