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