fifo lifo and cost determination

it stated that LIFO usually produces a lower gross profit than FIFO? withura d. Why is it stated that L E8.11 (LO 3) (FIFO transactions for the mon 1 (FIFO, LIFO and Average-Cost Determination) John Adams Company's record of tions for the month of April was as follows. Purchases April 1 (balance on hand) April 3 600 @ $6.00 1,500 @ 6.08 800 @ 6.40 ,200 @ 6.50 700 @ 6.60 500 @ 6.79 5,300 l Sales 500 @ 1,400 @ 6 00 @ 1,200 @ 9 00 @ 4,600 13 $10.00 10.00 11.00 11.00 12.00 11 23 27 toho b ei toto 1 Instructions a. Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using (1) LIFO and (2) average-cost. 6. Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO. C. Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO. an inflationary period, which inventory method-FIFO, LIFO, average-cost-will show the high- est net income? .. .in Camnany was formed on EX 12 ILA