*P6-8A Dempsey Inc. is a re ual inventory method to inventory; the per Dempsey Inc. is a retailer operating in British Columbia. Dempsey uses the perpet- gross entory method. All sales returns from customers result in the goods being returned assum entory; the inventory is not damaged. Assume that there are no credit transactions; (LO 5) es all amounts are settled in cash. You are provided with the following information for Dempsey Inc. for the month of January 2017. Unit Cost or Date Description Quantity Selling Price January 1 Beginning inventory 100 $15 January 5 Purchase 140 18 January 8 Sale 110 28 January 10 Sale return 28 January 15 Purchase January 16 Purchase return January 20 Sale January 25 Purchase 10 160 560 121 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. (Round cost per unit to three decimal places.) (b) Compare results for the three cost flow assumptions