Exercise 8-11 Sheffield Company's record of transactions for the month of April was as follows. Purchases April 1 (balance on hand) 1,260 @ $6.00 4 3,150 @ 6.08 8 1,680 @ 6.40 13 2,520 @ 6.50 21 1,470 @ 6.60 29 1,050 @ 6.79 11,130 Sales April 3 1,050 @ $10.00 9 2,940 @ 10.00 11 1,260 @ 11.00 23 2,520 @ 11.00 27 1,890 @ 12.00 9,660 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 Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using LIFO and average-cost. (Round answer to O decimal places, e.g. 2,760.) LIFO Average-cost 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 $ 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 $ 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