Bieber inc is a retailer operating in calgary alberta, Accounting Basics

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Bieber inc is a retailer operating in calgary alberta

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 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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Accounting Basics: Bieber inc is a retailer operating in calgary alberta

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Accounting Basics: Bieber inc is a retailer operating in calgary alberta

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