Novak Company’s record of transactions for the month of Aprilwas as follows.

Purchases							Sales
April 1	(balance on hand)		1,740	@	$6.00		April 3		1,450	@	$10.00
4			4,350	@	6.08		9		4,060	@	10.00
8			2,320	@	6.40		11		1,740	@	11.00
13			3,480	@	6.50		23		3,480	@	11.00
21			2,030	@	6.60		27		2,610	@	12.00
29			1,450	@	6.79				13,340
			15,370

Assuming that periodic inventory records are kept in units only,calculate the average-cost per unit. (Round answer to 2decimal 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 inventoryprocedures and inventory priced at FIFO. (Round answerto 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?

Average-costFIFOLIFO inventory methodwill show the highest net income.

show work and explain