E8.11 (LO 3) (FIFO, LIFO and Average-Cost Determination) John Adams Company’s record of transact

E8.11 (LO 3) (FIFO, LIFO and Average-Cost Determination) John Adams Company's record of transactions for the month of April was as follows. Purchases April 1 (balance on hand) 8 13 600 @ $6.00 1,500 @ 6.08 800 @ 6.40 ,200 @ 6.50 700 @ 6.60 500 @ 6.79bonza 5,300 1 Sales 500 @ $10.00 1,400 @ 10.00 6 00 @ 11.00 1,200 @ 11.00 9 00 @ 12.00 ,600 April 3 9 11 23 27 4 29 rollo Instructions a. Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using (1) LIFO and (2) average-cost. 0. Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO. d. In an inflationary – compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO, ninflationary period, which inventory method – FIFO, LIFO, average cost-will show the high- est net income?

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