Pharoah Company’s record of transactions for the month of April was as follows. Purchases Sales April 1(balance on hand)642@$6.00April…

Pharoah Company’s record of transactions for the month of April was as follows.

Purchases

Sales

April 1(balance on [email protected]$6.00April [email protected]$10.0041,[email protected]@1,[email protected]@,9225,671

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

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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$

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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$

$

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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$

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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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