Bailer Company's record of transactions for the month of November was the following:

Purchases: Sales:

Nov 1 (balance on hand) 525 @ $7.00 Nov 3 550 @ $10.00

5 1,400 @ $7.20 9 1,320 @ 10.00

8 750 @ $7.35 10 625 @ 12.00

14 1,250 @ $7.42 22 1,100 @ 12.00

21 825 @ $7.55 28 850 @ 13.00

29 610 @ $7.80 4,445

5,360

Please complete the following in an excel file:

#1 - Assume periodic inventory records are kept in units only. Compute the inventory on November 30th using (a) LIFO and (b) average cost.

#2 - Assume perpetual inventory records are kept in dollars. Compute the inventory on November 30th using (a) FIFO and (b) LIFO.

#3 - Calculate the COGS (Cost of Goods Sold) assuming the periodic inventory method was used and the inventory was valued at FIFO.

#4 - If the company were experiencing an inflationary period, which inventory method will show the highest net income? (FIFO, LIFO, or average cost)