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Yuan Li Ltd. is a retailer that 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 Yuan Li Ltd. for the month of January 2017. Unit Cost or Date Description Quantity Selling Price January 1 Beginning 100 inventory 15 January 5 Purchase 19 January 8 Sale 110 30 January 10 Sale return 20 30 January 15 Purchase 55 21 January 16 Purchase return 5 21 January 20 Sale so 35 January 25 Purchase 30 23 Instructions: (24%) For each of the following inventory method and cost flow assumptions, calculate (1) cost of goods sold, (2) ending inventory, and (3) gross profit. 150 (a) Perpetual inventory method 1. FIFO. 2. Moving-average cost. (b) Periodic inventory system 1. FIFO. 2. Average cost