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?

E8.9 (LO3) (FIFO and Average-Cost Determination) LoBianco Company's record of transactions for the month of April was as follows