Exercise 8-11 John Adams Company's record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 600 @ $6.00 1,500 @ 6.08 8006.40 1,200 6.50 700 6.60 500 @ 6.79 April 3 500 @ $10.00 9 1,400 @ 10.00 11 600 @ 11.00 23 1,200 @ 11.00 27 90012.00 4 13 21 29 4,600 5,300 Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO. (Round answer to O decimal places, e.g. 2,76o.) FIFO LIFO Your answer is in prrect. Try again. Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO. (Round answer to o decimal places, e.g. 2,760. Cost of goods sold Your answer is incorrect. Try again. In an inflationary period, which inventory method-FIFO, LIFO, average-cost will show the highest net income