Exercise 8-11

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

Purchases							Sales
April 1	(balance on hand)		1,500	@	$6.00		April 3		1,250	@	$10.00
4			3,750	@	6.08		9		3,500	@	10.00
8			2,000	@	6.40		11		1,500	@	11.00
13			3,000	@	6.50		23		3,000	@	11.00
21			1,750	@	6.60		27		2,250	@	12.00
29			1,250	@	6.79				11,500
			13,250

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 LINK TO X 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 LINK TO TEXT 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 LINK TO XT 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 LINK TO X In an inflationary period, which inventory method-FIFO, LIFO, average-cost-will show the highest net income? inventory method will show the highest net income. Click if you would like to Show Work for this question: Open Show Work