# 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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