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Bieber Inc. is a retailer operating in Calgary, Alberta. Bieber uses the perpetual inventory method. Assume that there are no

Question:

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. 

Unit Cost or Selling Price Date Description Ending inventory Purchase Sale Purchase Sale Quantity Dec. 31 Jan. 2 Jan. 6


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.

Transcribed Image Text:

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

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a b In a period of rising costs the LIFO cost flow assumption results in the highest cost of goods s…View the full answer


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Financial Accounting Tools for Business Decision Making

Financial Accounting Tools for Business Decision Making

ISBN: 978-1119493631

9th edition

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

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Question Details
Chapter # 6
Section: Problem Set A
Problem: 8
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Question Posted: July 11, 2019 07:20:56
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