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LoBianco Company’s record of transactions for the month of April was as follows.
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
(a) Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using (1) LIFO and (2) average cost.
Average Cost $
(b) Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) 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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