Morse Inc. is a retail company that uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You have the following information for Morse Inc. for the month of January 2014.

Date Dec. 31 Jan. 2 Jan. 6 Jan. 9 Jan. 10 Jan. 23 Jan. 30

Description Ending inventory Purchase Sale Purchase Sale Purchase Sale

Unit Cost or Quantity Selling Price

140 $14 120 15 150 30

85 17

70 35 100 20 110 42

Instructions (a) For each of the following cost flow assumptions (1) LIFO. (2) FIFO. (3) Moving-average. (Round cost per unit to three decimal places.) calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit.