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Monty 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 Monty Inc. for the month of January. Date Dec. 31 Jan. 2 Jan. 6 Quantity 160 100 180 Unit Cost or Selling Price $20 22 42 42 24 24 45 26 49 Jan. Description Beginning inventory Purchase Sale Sale return Purchase Purchase return Sale Purchase Sale 9 9 10 75 Jan. Jan. Jan. Jan. Jan. 10 10 23 30 15 50 100 120 (a) Using FIFO method, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (Assume sales returns had a cost of $20 and purchase returns had a cost of $24.) Cost of goods sold S Ending Inventory S Gross Profit $ e Textbook and Media