Your english is fine so don't worry.

As you know this product is not meant to be repaired by user..it says if red LED light turns on to call for service.

If you like to repair things then treat this as a lesson or practice.
Well the first thing is to note what the UPS indicate by way of LED status lights and beeping sound.Then refer to user manual for explaination.Below is from page 2:
Theory of Operation
Ellipse Premium is a line interactive UPS
which normally operates in the bypass
mode. Surge suppression and filtering are
also provided in this mode.
The UPS transfers on boost mode in the
event of input voltage drop. This operation is
provided from 84 V to 100 V input voltage.
The UPS transfers the load quickly to the
battery when a power failure occurs. If the
power returns before the battery is
exhausted, the operation returns to normal
and the battery is recharged.
The Ellipse Premium UPS is comprised of
three major systems: the inverter, the battery
charger/ battery and the bypass.
All logic and supervision in the UPS are
provided by a state-of-the-art microcontroller.
Inverter
The inverter is the heart of the UPS and
inverts direct current (DC) from the battery
into alternating current (AC) at 120 volts.
The DC voltage from the batteries is
switched on and off at a high frequency and
transformed to a higher voltage (DC to DC
conversion). After conversion, the high
voltage is converted into a pseudo-sine
wave by a pulse width modulated (PWM)
inverter to 120 volts AC RMS. This unique
MGE technique, eliminates all bulky 60 HZ
components and reduces size, heat, and
greatly enhances reliability.
Battery Charger/Battery
The battery charger maintains the battery
and the battery provides the source of backup
energy when a power failure occurs. The
battery charger converts 120 volt AC utility
power to filtered and regulated DC specific
for battery charging. The battery is a
recombinant, sealed, lead acid-type which
provides the high current required for UPS
use and long life. It requires no additions of
water during its life.
BypassThe bypass is the electro-mechanical
hardware providing a transfer to or from the
inverter. This is done rapidly and
synchronized to the utility power sine wave
in order to provide continuity to the PC and
not cause a re-boot.
E N G L I S H
MGE
This UPS is controlled by MCU (microcontroller) it uses logic ic or gates to activate actions. Eveything is
interlinked. I would suspect the
BYPASS circuit and check from there. It outputs a pseudo sinewave/clipped sinewave so I think your meter should give average measurement,that said your measurement is high when you should expect 110 AC volts output ? Good luck.
PS: There seems to be a diagnostic software (Solution pac) page3 you can download from MGE website.