Ayayai Inc. is a retailer using a perpetual inventory system. All sales returns from customers result in the goods being returned to inventory. (Assume that 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 Ayayai Inc. for the month of January Date Description Beginning inventory Purchase Dec. 31 Unit Cost or Quantity Selling Price 160 $21 100 23 Jan. N 2 Jan. 6 Sale 180 40 Jan. 9 Sale return 10 40 Jan. 9 Purchase 75 24 Jan. 10 Purchase return 15 24 Jan. 10 Sale 50 46 Jan. 23 Purchase 100 27 Jan. 30 Sale 120 50 (a) Your answer is correct. Using FIFO method, calculate (i) cost of goods sold. (ii) ending inventory, and (ii) gross profit. (Assume sales returns had a cost of $21 and purchase returns had a cost of $24.) Cost of goods sold $ 7.640 Ending Inventory $ 2,160 Gross Profit $ 7,460 (b) * Your answer is incorrect Using Average method, calculate (1) cost of goods sold, (ii) ending inventory, and (ii) gross profit. (Round average cost to 3 decimal places, e.g. 5.252 and final answers to 2 decimal places, eg 5.25.) Cost of goods sold $ Ending Inventory $ ONE Gross Profit $