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

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?