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.

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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Quantity 160 100 180 75 50 100 130 Unit Cost or Selling Price $20 Date Description Dec. 3 Ending inventory Jan. Jan. 6 Sale Jan. 9 Purchase Jan. 10 Sale Jan. 23 Purchase Jan. 30 Sale 2 Purchase 40 24 45 25 48