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E8-14 (FIFO, LIFO, and Average Cost Determination) LoBianco

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E8-14 (FIFO, LIFO, and Average Cost Determination) LoBianco Company’s record of transactions for
the month of April was as follows.
Purchases Sales
April 1 (balance on hand) 600 @ $6.00 April 3 500 @ $10.00
4 1,500 @ 6.08 9 1,300 @ 10.00
8 800 @ 6.40 11 600 @ 11.00
13 1,200 @ 6.50 23 1,200 @ 11.00
21 700 @ 6.60 27 900 @ 12.00
29 500 @ 6.79 4,500
(a) Assuming that periodic inventory records are kept, compute the inventory at April 30 using (1) LIFO
and (2) average cost.
(b) Assuming that perpetual inventory records are kept in both units and dollars, determine the
inventory at April 30 using (1) FIFO and (2) LIFO.
(c) Compute cost of goods sold assuming periodic inventory procedures and inventory priced at FIFO.
(d) In an inflationary period, which inventory method—FIFO, LIFO, average cost—will show the highest
net income?
Submitted: 4 years ago.
Category: Essays
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