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1) Assuming that periodic inventory records are kept in units only, calculate average-cost per unit....

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Accounting

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1) Assuming that periodic inventory records are kept in units only, calculate average-cost per unit. (Round answer to 2 decimal places, e.g. 2.76.) Average-cost per unit:

2)Assuming that periodic inventory records are kept in units only, compute the inventory at April 30 using LIFO and average-cost.

3)Assuming that perpetual inventory records are kept in dollars, determine the inventory using (1) FIFO and (2) LIFO?

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

5)In an inflationary period, which inventory methodFIFO, LIFO, average-costwill show the highest net income?

Waterway Company's record of transactions for the month of April was as follows. Purchases Sales April 1 (balance on hand) 1,380 @ $6.00 April 3 1,150 $ 10.00 4 3,450 @ 6.08 9 3,220 @ 10.00 8 1.840 @ 6.40 11 1.380 @ 11.00 13 2.760 @ 6.50 23 2.760 @ 11.00 21 1,610 @ 6.60 27 2,070 @ 12.00 29 1.150 @ 6.79 10,580 12,190

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