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question lobianco company 39 s record of transactions for the month of aprilwas as f 4293907

Question

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

Purchases

Sales

 

 

                     

April1

(balance on hand)

 

870

@

$5.0

 

April3

 

725

@

$9

4

 

 

2,175

@

5.1

 

9

 

1,885

@

9

8

 

 

1,160

@

5.3

 

11

 

870

@

11

13

 

 

1,740

@

5.4

 

23

 

1,740

@

11

21

 

 

1,015

@

5.7

 

27

 

1,305

@

13

29

 

 

725

@

6.1

 

 

 

6,525

 

 

 

 

 

7,685

 

 

 

 

 

 

 

 

                       

 

(a) Assuming that periodic inventory records are kept in unitsonly, 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 inventoryprocedures 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?

LIFO FIFO

 

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