FreshFoods Co. is a small fruit and vegetable grocer. FreshFoods is concerned that sales have been down over the past three quarters. As the company accountant, you decide to perform some analysis to uncover the source of the problem. You gather the following data from the accounting records by quarter: Quarter COGS Beginning Inventory Ending Inventory 1 $300,000 $40,000 $20,000 2 $455,000 $20,000 $92,500 3 $530,000 $92,500 $120,200 FreshFoods Co. is a small fruit and vegetable grocer. FreshFoods is concerned that sales have been down over the past three quarters. As the company accountant, you decide to perform some analysis to uncover the source of the problem. You gather the following data from the accounting records by quarter: Quarter COGS Beginning Inventory Ending Inventory 1 $300,000 $40,000 $20,000 2 $455,000 $20,000 $92,500 3 $530,000 $92,500 $120,200