Problem 6-8A (Part Level Submission)

Mercer Inc. is a retailer operating in British Columbia. Mercer 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 Mercer Inc. for the month of January 2015.

Date			Description		Quantity		Unit Cost or Selling Price
January	1		Beginning inventory		100		$15
January	5		Purchase		140		18
January	8		Sale		110		28
January	10		Sale return		10		28
January	15		Purchase		55		20
January	16		Purchase return		5		20
January	20		Sale		90		32
January	25		Purchase		20		22

For each of the following cost flow assumptions, calculate cost of goods sold, ending inventory, and gross profit. (1) LIFO. (2) FIFO. (3) Moving-average cost. (Round answers to 0 decimal places, e.g. $2,150.)