*P6.8 (LO 4), AP 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 2025. Date Dec. 31 Jan. 2 Jan. 6 Jan. 9 Jan. 10 Jan. 23 Jan. 30 Description Ending inventory Purchase Sale Purchase Sale Purchase Sale Quantity 160 100 180 75 50 100 130 Unit Cost or Selling Price $20 22 40 24 45 25 48 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.

*P6.8 (LO 4), AP 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 2025. Date Dec. 31 Jan. 2 Jan. 6 Jan. 9 Jan. 10 Jan. 23 Jan. 30 Description Ending inventory Purchase Sale Purchase Sale Purchase Sale Quantity 160 100 180 75 50 100 130 Unit Cost or Selling Price $20 22 40 24 45 25 48 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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