E8-13 (FIFO and Average-Cost Determination) LoBianco Company's record of transactions for the month of April was as follows. Purchases April 1 (balance on hand) 4 8 13 21 29 600 @ $6.00 1,500 @ 6.08 800 6.40 1,200 6.50 700 @ 6.60 500 @ 6.79 5,300 Sales April 3 500 $10.00 9 1,300 @ 10.00 11 600 @ 11.00 23 1,200 @ 11.00 27 900 @ 12.00 4,500 Instructions (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. (e) In an inflationary period, which inventory method --FIFO or average-cost-will show the highest net income