Tempo Ltd. is a retailer operating in Dartmouth, Nova Scotia. Tempo 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 Tempo 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.

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Unit Cost or Date Quanity Selling Price Description Ending inventory Purchasc Salc Sale return Purchasc Purchase return Salc Purchasc Salc се December 31 January 2 January6 January 9 January 9 January 10 January 1o January 23 January 30 150 100 150 10 75 15 50 100 160 $19 21 40 40 24 24 45 26 50