Minsoo Ltd. is a retailer operating in Edmonton, Alberta. Minsoo uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory; the inventory is not damaged. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Minsoo Ltd. for the month of January 2014.

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 cost.
(b) Compare results for the three cost flowassumptions.

Unit Cost or Date Description Quantity Selling Price December 31 January 2 January 6 January 9 January 9 January 10 January 10 January 23 January 30 Ending inventory Purchase Sale Sale return Purchase Purchase return Sale Purchase Sale 160 100 150 10 80 10 60 100 110 $17 21 40 40 24 24 45 28 50