$($FIFO$,$ LIFO and Average$-$Cost Determination$)$ John Adams Company$$s record of transactions for the month of April was as follows.

Purchases

Sales

April $1($balance on hand$)$

$$

$600$ @ $$6\mathrm{.}00$

$$

April $3$

$$

$500$ @ $$10\mathrm{.}00$

$4$

$$

$1,500$ @ $6\mathrm{.}08$

$$

$9$

$$

$1,400$ @ $10\mathrm{.}00$

$8$

$$

$800$ @ $6\mathrm{.}40$

$$

$11$

$$

$600$ @ $11\mathrm{.}00$

$13$

$$

$1,200$ @ $6\mathrm{.}50$

$$

$23$

$$

$1,200$ @ $11\mathrm{.}00$

$21$

$$

$700$ @ $6\mathrm{.}60$

$$

$27$

$$

$900$ @ $12\mathrm{.}00$

$29$

$$

$500$ @ $6\mathrm{.}79$

$$

$$

$$

$4,600$

$$

$$

$5,300$

$$

$$

$$

$$

Instructions

Assuming that periodic inventory records are kept in units only, compute the inventory at April $30$ using $(1)$ LIFO and $(2)$ average$-$cost$.$

Assuming that perpetual inventory records are kept in dollars, determine the inventory using $(1)$ FIFO and $(2)$ LIFO.

Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO.

In an inflationary period, which inventory method$$FIFO$,$ LIFO, average$-$cost$$will show the highest net income?