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 2022. 

Instructions 

a. For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profi t. 

1. LIFO. 

2. FIFO. 

3. Moving-average. 

b. Compare results for the three cost fl ow assumptions.

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Unit Cost or Selling Price Date Description Ending inventory Purchase Sale Purchase Sale Quantity Dec. 31 Jan. 2 Jan. 6 160 100 180 $20 40 Jan. 9 Jan. 10 75 24 45 25 48 50 100 130 Jan. 23 Jan. 30 Purchase Sale