i need B onley

Assignment 1 E8.8 (L03) (FIFO and Average-Cost Determination) 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 4 1,500 @ 6.08 9 1,300 @ 10.00 8 800 @6.40 11 600 @ 11.00 13 1,200 @ 6.50 23 1,200 @ 11.00 21 700 @ 6.60 27 900 @ 12.00 29 500 @ 6.79 4,500 5.300 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 methodFIFO or average-cost-will show the highest net income? Purchases Apr-01 (balance on hand) 600 Apr-04 1500 Apr-08 800 Apr-13 1200 Apr-21 700 Apr-29 500 @S @ $ @ $ @ $ @ $ @ $ 6.00 6.08 6.40 6.50 6.60 6.79 Apr-01 Apr-09 Apr-11 Apr-23 Apr-27 Sales 500 1300 600 1200 900 @ $ 10.00 @ $ 10.00 @ $ 11.00 11.00 @ $ 12.00 5300 4500 Purchases Less:Sales Inventory 5300 -4500 800 FIFO method: 300 x $ 500 x $ 6.60 6.79 $1,980.00 $3,395.00 800 $5,375.00 Average Method Average cost per unit = $6.35 as follows Units Cost per Total unit 600 @ $ 6.00 = $ 3,600.00 1500 @ $ 6.08 = $ 9,120.00 800 @ $ 6.40 = $ 5,120.00 1200 @ $ 6.50 = $ 7,800.00 700 @ $ 6.60 = $ 4,620.00 500 @ $ 6.79 = $ 3,395.00 5300 $ 6.35 $33,655.00 Inventory 800 @ $ 6.35 = $ 5,080.00 Under FIFO inventory is $5375.00 where as Average method it was $5080.00, hence closing stock under FIFO is high and hence income under FIFO method is high