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John Adams Company's record of transactions of the month of April was as follows:
Purchases:
April 1 balance on hand 600 @ $6
April 4 1500 @ 6.08
April 8 800 @6.40
April 13 1200 @ 6.50
April 21 700 @ 6.60
April 29 500 @ 6.79
Sales:
April 3 500 @ 10.00
April 9 [email protected]
April 11 600@ 11.00
April 23 1200 @ 11.00
April 27 900 @ 12.00
Question A. Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using
LIFOaverage cost
Question B. Assuming the perpetual inventory records are kept in dollars, determine the inventory using
FIFOLIFO
Question C. Compute COGS assuming periodic inventory procedures and inventory priced at FIFO.
Question D. In an infationary period, which inventory method -FIFO, LIFO, average cost - will show the highest income?
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