Lobianco company’s record of transactions for the month of april was

LoBianco Company’s record of transactions for the month of April was as follows.

 

           Purchases                                                                  Sales

April 1 (Balance on hand) 600 @ $6.00                           April 3      500 @ $10.00

April  4     1,500 @ $6.08                                              April  9     1,300 @ $10.00

April  8       800 @ $6.40                                               April  11     600 @ $11.00

April  13    1,200 @ $6.50                                              April 23      1,200 @ $11.00

April  21       700 @ $6.60                                              April 27     900 @ $12.00

April  29        500 @ $6.79                                                                                                               

                  5,300                                                                        4,500         

 

 

 

(a) Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using (1) LIFO and (2) average cost.

 

LIFO $

Average Cost $

 

(b) Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO.

 

FIFO $

LIFO $

 

(c) Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO.

 

Cost of goods sold $

 

 

(d) In an inflationary period, which inventory method –FIFO, LIFO, average cost– will show the highest net income?

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