1. Dempsey Inc. is a retailer operating in British Columbia. Dempsey uses the perpetual inventory system. 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 Dempsey Inc. for the month of January 2022. Date Description Quantity Unit Cost or Selling Price January1 Beginning inventory 100 $15 January5 Purchase 140 18 January8 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 Instructions For each of the following cost flow assumptions, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. a. FIFO. b. Moving-average cost. (Round the weighted-average unit cost to three decimal places.) 2. Financial statements of different companies are available in Yahoo Finance. Instructions Based on the information contained in these financial statements, compute the following ratios for each company. Inventory turnover. Days in inventory. What conclusions concerning the management of the inventory can you draw from these data