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

Purchases							Sales
April 1	(balance on hand)		420	@	$6.00		April 3		350	@	$10.00
4			1,050	@	6.08		9		980	@	10.00
8			560	@	6.40		11		420	@	11.00
13			840	@	6.50		23		840	@	11.00
21			490	@	6.60		27		630	@	12.00
29			350	@	6.79				3,220
			3,710

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 methodFIFO, LIFO, average-costwill show the highest net income?

FIFOLIFOAverage-cost inventory method will show the highest net income.