Calculate cost of goods sold, ending inventory, and gross profit for LIFO, FIFO, and moving-average under the perpetual system; compare results. (LO 3, 7) AP Liberty Inc. is a retailer operating in Centralia. Liberty uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory. (Assume that the inventory is not damaged.) Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Liberty Inc. for the month of January 2014.

8 Section Date *Problem 6-8B Liberty Inc. (a) Units 1 Cost of goods available for sale: 2 Purchases: 3 January 2 4 January 9 5 January 23 6 7 8 9 10 11 Sales: 12 January 6 13 January 10 14 January 30 15 Total sales 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Unit Price Units Unit Price 414 Total Cost Total Revenue 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Name Section Date *Problem 6-8B Continued Liberty Inc. (a) (Continued) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 (1) Date Jan. 1 2 Purchases LIFO Cost of Goods Sold Balance (140 units @ $14) 6 9 10 23 30 (i) Cost of goods sold = (ii) Ending inventory = (iii) Gross profit = 415 $1,960 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Name Section Date *Problem 6-8B Continued Liberty Inc. (a) (Continued) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 (2) Date Jan. 1 2 Purchases FIFO Cost of Goods Sold Balance (140 units @ $14) 6 9 10 23 30 (i) Cost of goods sold = (ii) Ending inventory = (iii) Gross profit = 416 $1,960 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Name Section Date *Problem 6-8B Continued Liberty Inc. (a) (Continued) 1 2 3 4 5 6 7 8 9 10 11 12 (3) Date Jan. 1 2 6 9 10 23 30 Purchases Moving-Average Cost of Goods Sold Balance (140 units @ $14) (i) Cost of goods sold = (ii) Ending inventory = (iii) Gross profit = 417 $1,960 1 2 3 4 5 6 7 8 9 10 11 12 Name Section Date *Problem 6-8B Concluded Liberty Inc. (b) LIFO FIFO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Moving-Average 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 418