Sheridan Company's record of transactions for the month of April was as follows.

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

Cost of goods sold $

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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.

$4132129$Purchases$1,650$ @ $5\mathrm{.}801,320$ @$770$ @$550$ @$5,8306\mathrm{.}206\mathrm{.}30$a $6\mathrm{.}502327$Sales$1,540$ @ $10\mathrm{.}001,320$ @ $11\mathrm{.}00990$ @$5,06012\mathrm{.}00$