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

Purchases							Sales
April 1	(balance on hand)		642	@	$ 6.00		April 3		535	@	$8.56
4			1,605	@	6.30		9		1,498	@	8.56
8			856	@	6.69		11		642	@	10.42
13			1,284	@	6.98		23		1,284	@	10.42
21			749	@	7.12		27		963	@	12.45
29			535	@	7.31				4,922
			5,671

1: Assuming that periodic inventory records are kept in units only, calculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.)

2: 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.)

3: 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.)

4: Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO. (Round answer to 0 decimal places, e.g. 2,760.)

5: In an inflationary period, which inventory methodFIFO, LIFO, average-costwill show the highest net income?

John Adams Company's record of transactions for the month of April was as follows Purchases Sales April 1 (balance on hand) 642@$ 6.00 1,605 6.30 856 @ 6.69 1,284 @ 6.98 749 7.12 535 7.31 4 8 13 21 29 April 3 535@ $8.56 9 1,498@ 8.56 11 642@ 10.42 23 1,284@ 10.42 27 963 12.45 4,922 5,671