Ticotin Inc. is a retailer operating in British Columbia. Ticotin 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 Ticotin Inc. for the month of January 2012.

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 Selling Price Date Description Beginning inventory Purchase Quantity January 1 January 5 100 150 $15 18 28 28 Sale Sale return Purchase Purchase return 110 January 10 January 15 January 16 January 20 January 25 55 20 20 32 22 80 30 Sale Purchase