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.
Date Description Quantity Unit Cost or Selling Price
Dec. 31 Ending inventory 160 $20
Jan. 2 Purchase 100 22
Jan. 6 Sale 180 40
Jan. 9 Purchase 75 24
Jan. 10 Sale 50 45
Jan. 23 Purchase 100 25
Jan. 30 Sale 130 48
Instructions
(a) For each of the following cost fl ow assumptions, calculate

(i) cost of goods sold,
(ii) ending inventory, and (iii) gross profi t.
(1) LIFO.
(2) FIFO.
(3) Moving-average. (Round cost per unit to three decimal