Question
Stellar Company's record of transactions for the month of April was as follows. Purchases Sales April 1(balance on h..2@$5.00April 3..0@$10.0041,530@5..8@10.008816@5..2@11.00131,224@5..4@11.0021714@5..8@12.0029510@5.994,6925,406 Assuming that periodic inventory records
Stellar Company's record of transactions for the month of April was as follows.
Purchases
Sales
April 1(balance on h..2@$5.00April 3..0@$10.0041,530@5..8@10.008816@5..2@11.00131,224@5..4@11.0021714@5..8@12.0029510@5.994,6925,406
Assuming that periodic inventory records are kept in units only, calculate the average-cost per unit.(Round answer to 2 decimal places, e.g. 2.76.)
Average-cost per unit$
per unit
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.)
LIFO$
Average-cost$
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.)
(1)
FIFO
(2)
LIFO
Inventory$
$
Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO.(Round answer to 0 decimal places, e.g. 2,760.)
Cost of goods sold$
In an inflationary period, which inventory method-FIFO, LIFO, average-cost-will show the highest net income?
LIFO
Average-cost
FIFO
inventory method will show the highest net income.
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