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

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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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