Exercise 5 (5 points) LoBianco Company's record of transactions for the month of April was as follows. April Purchases Sales 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 @ 12.00 500 @ 6.79 4,500 5,300 29 Instructions (Round unit price averages to four decimal places.) a. Compute the inventory on April 30 using (1) FIFO and (2) average-cost. b. In an inflationary period, which inventory method FIFO or average-costwill show the highest net income