Calculate cost of goods sold and end- ing inventory for FIFO and moving- average cost under the perpetual system compare gross profit under each assumption * P6.8 (LO 5) Tempo Lid. 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 2020. Quantity 150 Unit Cost or Selling Price 19 Date December 31 January 2 January 6 January 9 January 9 January 10 January 10 January 23 January 30 Description Ending inventory Purchase ise Sale Sale return Purchase Purchase return Sale Purchase Sale 100 150 10 100 160 a Instructions a. For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inven tory, and (iii) gross profit. 1. FIFO. 2. Moving-average cost. b. Compare results for the two cost flow assumptions. . (ii) Gross profit: FIFO Average 8,420 8,266