Question

Novak Company’s record of transactions for the month of April was 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 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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Incorrect answer iconYour answer is incorrect.

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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Incorrect answer iconYour answer is incorrect.

In an inflationary period, which inventory method—FIFO, LIFO, average-cost—will show the highest net income?

Average-costFIFOLIFO inventory method will show the highest net income.

show work and explain

Answer 1

1. Ending inventory using FIFO & LIFO

Perpetual - FIFO
Date	Transaction	Qty	unit price	Total price
Apr-01	Beginning inventory	1740	$                         6	$         10,440
Apr-03	Sale	-1450	$                         6	$         (8,700)
Apr-04	Purchase	4350	$                   6.08	$         26,448
Apr-08	Purchase	2320	$                   6.40	$         14,848
Apr-09	Sale	-290	$                   6.00	$         (1,740)
		-3770	$                   6.08	$       (22,922)
Apr-11	Sale	-580	$                   6.08	$         (3,526)
		-1160	$                   6.40	$         (7,424)
Apr-13	Purchase	3480	$                   6.50	$         22,620
Apr-21	Purchase	2030	$                   6.60	$         13,398
Apr-23	Sale	-1160	$                   6.40	$         (7,424)
		-2320	$                   6.50	$       (15,080)
Apr-27	Sale	-1160	$                   6.50	$         (7,540)
		-1450	$                   6.60	$         (9,570)
Apr-29	Purchase	1450	$                   6.79	$           9,846
	Cost of goods sold			$         83,926
	Ending inventory	2030		$        13,674
Perpetual - LIFO
Date	Transaction	Qty	unit price	Total price
Apr-01	Beginning inventory	1740	$                         6	$         10,440
Apr-03	Sale	-1450	$                         6	$         (8,700)
Apr-04	Purchase	4350	$                   6.08	$         26,448
Apr-08	Purchase	2320	$                   6.40	$         14,848
Apr-09	Sale	-2320	$                   6.40	$       (14,848)
		-1740	$                   6.08	$       (10,579)
Apr-11	Sale	-1740	$                   6.08	$       (10,579)
Apr-13	Purchase	3480	$                   6.50	$         22,620
Apr-21	Purchase	2030	$                   6.60	$         13,398
Apr-23	Sale	-2030	$                   6.60	$       (13,398)
		-1450	$                   6.50	$         (9,425)
Apr-27	Sale	-2030	$                   6.50	$       (13,195)
		-580	$                   6.08	$         (3,526)
Apr-29	Purchase	1450	$                   6.79	$           9,846
	Cost of goods sold	13,340		$         84,251
	Ending inventory	2030		$        13,349

2.

Periodic - FIFO
Date	Transaction	Qty	unit price	Total price
Apr-01	Beginning inventory	1740	$                         6	$         10,440
Apr-04	Purchase	4350	$                   6.08	$         26,448
Apr-08	Purchase	2320	$                   6.40	$         14,848
Apr-13	Purchase	3480	$                   6.50	$         22,620
Apr-21	Purchase	2030	$                   6.60	$         13,398
Apr-29	Purchase	1450	$                   6.79	$           9,846
Apr-03	Sale	-1450	$                         6	$         (8,700)
Apr-09	Sale	-290	$                   6.00	$         (1,740)
		-3770	$                   6.08	$       (22,922)
Apr-11	Sale	-580	$                   6.08	$         (3,526)
		-1160	$                   6.40	$         (7,424)
Apr-23	Sale	-1160	$                   6.40	$         (7,424)
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