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

Instructions
(Round unit price averages to four decimal places.)
a. Assuming that periodic inventory records are kept, compute the inventory at April 30 using (1) FIFO and (2) average-cost.
b. Assuming that perpetual inventory records are kept in both units and dollars, determine the inventory at April 30 using (1) FIFO and (2) average-cost.
c. In an inflationary period, which inventory method-FIFO or average-cost-will show the highest net income?

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Purchases Sales 1 (balance on hand) 600 @ $6.00 April 3 500 @ $10.00 April 9 1,300 @ 4 1,500 @ 6.08 10.00 8. 800 @ 6.40 11 600 @ 11.00 13 1,200 @ 6.50 23 1,200 @ 11.00 700 @ 6.60 27 900 @ 12.00 4,500 29 500 @ 6.79 5,300 21