Accounting Alberta. Bieber uses the perpetual inventory method. Assume that there are no...
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Accounting
Accounting
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 2025. 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.) a. Gross profit: LIFO $7,490 FIFO \$7,865 Average $7,763 b. Compare results for the three cost flow assumptions. Determine ending inventory under a perpetual inventory system
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