Question: please solve this three part it in prptiual method E8-13 (FIFO and Average-Cost Determination) LoBianco Company's record of transactions for the month of April was
E8-13 (FIFO and Average-Cost Determination) LoBianco Company's record of transactions for the month of April was as follows. + Purchases Cast 1 Sales SP be April 1, balance on hand) 600 $6.00 April 2 500 @ $10.00 4 1,500 @x6.08 9 1,300 10.00 B 800 X 6.40 11 600 @ 11.00 13 1,200 QX6.50 23 1,200 @ 11.00 21 face only 300 - 7000*6.60* 27 900 @ 12.00 29 500 OX6.79 4,500 5,300 2 purch Instructions (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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