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

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Bieber Inc. is a retailer operating in Calgary, Alberta. Bieber 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 for the month of January 2017.

Bieber Inc. is a retailer operating in Calgary, Alberta. Bieber

Instructions
(a) For each of the following cost flow assumptions, calculate
(i) Cost of goods sold,
(ii) Ending inventory, and
(iii) Gross profit.
(1) LIFO.
(2) FIFO.
(3) Moving-average. (Round cost per unit to three decimal places.)
(b) Compare results for the three cost flow assumptions.

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Related Book For  book-img-for-question

Accounting Tools for Business Decision Making

ISBN: 978-1118096895

6th edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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