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

Purchases						Sales
April 1	(balance on hand)	600	@	$6.00		April 3	500	@	$10.00
4		1,500	@	6.08		9	1,300	@	10.00
8		800	@	6.40		11	600	@	11.00
13		1,200	@	6.50		23	1,200	@	11.00
21		700	@	6.60		27	900	@	12.00
29		500	@	6.79			4,500
		5,300

Assuming that periodic inventory records are kept, compute the inventory at April 30 using (1) LIFO and (2) average-cost. (Round average cost per unit to 2 decimal places, e.g. 2.10 and Round final answer to 0 decimal places, e.g. 2,510.)

LIFO		$
Average-cost		$

Assuming that perpetual inventory records are kept in both units and dollars, determine the inventory at April 30 using (1) FIFO and (2) LIFO.

FIFO		$
LIFO		$

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

Cost of goods sold

$

In an inflationary period, which inventory methodFIFO, LIFO, or average-costwill show the highest net income? FIFOAverage-costLIFO inventory method will show the highest net income.