Reference no: EM131810847
| Purchases |
Sales |
| April 1 |
(balance on hand) |
756 |
@ |
mce_markernbsp; 5.00 |
April 3 |
630 |
@ |
$8.78 |
| 4 |
1,890 |
@ |
5.27 |
9 |
1,764 |
@ |
8.78 |
| 8 |
1,008 |
@ |
5.39 |
11 |
756 |
@ |
10.63 |
| 13 |
1,512 |
@ |
5.49 |
23 |
1,512 |
@ |
10.63 |
| 21 |
882 |
@ |
5.62 |
27 |
1,134 |
@ |
12.02 |
| 29 |
630 |
@ |
5.88 |
5,796 |
| 6,678 |
Assuming that periodic inventory records are kept in units only, calculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using LIFO and average-cost. (Round answer to 0 decimal places, e.g. 2,760.)
Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO. (Round answer to 0 decimal places, e.g. 2,760.)
Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO. (Round answer to 0 decimal places, e.g. 2,760.)
In an inflationary period, which inventory method-FIFO, LIFO, average-cost-will show the highest net income?
LIFO or FIFO inventory method will show the highest net income.