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

1 - Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO.

2 - Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO.

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

(please add explanation - not just an answer)