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Bieber Inc. is a retailer operating in Calgary, Alberta. Bieber Inc. uses the perpetual inventory method....

Bieber Inc. is a retailer operating in Calgary, Alberta. Bieber Inc. uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Bieber Inc. for the month of January 2017.

Date

Description

Quantity

Unit Cost or Selling Price

Dec. 31 Ending inventory 160 $20
Jan. 2 Purchase 100 22
Jan. 6 Sale 180 40
Jan. 9 Purchase 75 24
Jan. 10 Sale 50 45
Jan. 23 Purchase 100 25
Jan. 30 Sale 130 48

Calculate average cost for each unit. (Round answers to 3 decimal places, e.g. 5.125.)

Jan. 1

$

Jan. 2

$

Jan. 6

$

Jan. 9

$

Jan. 10

$

Jan. 23

$

Jan. 30

$

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For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (Round answers to 0 decimal places, e.g. 125.)

(1) LIFO.
(2) FIFO.
(3) Moving-average.

LIFO

FIFO

Moving-average

Cost of goods sold $ $ $
Ending inventory $ $ $
Gross profit $ $ $

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