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

Purchases							Sales
April 1	(balance on hand)		300	@	$6.00		April 3		250	@	$10.00
4			750	@	6.08		9		700	@	10.00
8			400	@	6.40		11		300	@	11.00
13			600	@	6.50		23		600	@	11.00
21			350	@	6.60		27		450	@	12.00
29			250	@	6.79				2,300
			2,650

Part 1:

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

Part 2:

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		$ _____

Part 3:

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		$ ____		$ ____

Part 4:

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

$ ____

Part 5:

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

FIFO - LIFO - OR - Average-cost | inventory method will show the highest net income.