Calculate cost ending invento and moving-a perpetual syste profit under ec 140 . (LO 5) Mercer Inc. is a retailer operatine in British Columbia Mercer uses the perpetual inven- y method. All sales returns from customers result in the moods being returned to inventory: the inven- ty is not damaged. Assume that there are no credit transactions, all amounts are settled in cash. You are provided with the following information for Mercer Inc. for the month of January 2020. Unit Cost or Date Description Quantity Selling Price January 1 Beginning inventory 100 S15 January 5 Purchase January 8 Sale 110 January 10 Sale return January 15 Purchase January 16 Purchase return January 20 Sale January 25 Purchase Instructions a. For each of the following cost flow assumptions, calculate (1) cost of goods sold, (ii) ending inven- tory, and (iii) gross profit. 1. LIFO. 2. FIFO. 3. Moving-average cost. (Round average cost per unit to three decimal places.) b. Compare results for the three cost flow assumptions. P6.9A (LO 5) Terando Co. began operations on July 1. It uses a perpetual inventory system. During July. the company had the following purchases and sales. Purchases Date Units Unit Cost Sales Units July 1 $120 July 6 July 11 $136 July 14 July 21 $147 July 27 a. (Gro LIFO FIFC Ave Determine perpetual in Instructions a. Determine the ending inventory under a perpetual inventory system using (1) FIFO, (2) moving. average cost, and (3) LIFO. b. Which costing method produces the highest ending inventory valuation? a. Endir FIFO Avera HIER