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Coronado Companys record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 960 @ $6.00 April 3

Coronado Companys record of transactions for the month of April was as follows.

Purchases

Sales

April 1 (balance on hand) 960 @ $6.00 April 3 800 @ $10.00
4 2,400 @ 6.08 9 2,240 @ 10.00
8 1,280 @ 6.40 11 960 @ 11.00
13 1,920 @ 6.50 23 1,920 @ 11.00
21 1,120 @ 6.60 27 1,440 @ 12.00
29 800 @ 6.79 7,360
8,480

Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)

Average-cost per unit $ per unit

Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using LIFO and average-cost. (Round answer to 0 decimal places, e.g. 2,760.)

LIFO

$

Average-cost

$

Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO. (Round answer to 0 decimal places, e.g. 2,760.)

(1) FIFO

(2) LIFO

Inventory

$

$

Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO. (Round answer to 0 decimal places, e.g. 2,760.)

Cost of goods sold

$

In an inflationary period, which inventory methodFIFO, LIFO, average-costwill show the highest net income?

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