Indigo Inc is a retailer using the periodic inventory system. All sales returns from customers result in the goods being retumed 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 Indigo Inc for the month of January Quantity 160 100 180 Date Dec 31 Jan. 2 Jan. 6 Jan. 9 Jan. 9 Jan. 10 Jan. 10 Jan. 23 Jan. 30 10 Description Beginning inventory Purchase Sale Sale return Purchase Purchase return Sale Purchase Sale Unit Costor Selling Price 21 22 38 38 25 25 44 75 15 50 100 120 27 51 (a) Your answer is incorrect Calculate 1) cost of goods sold and (ii) ending inventory using FIFO. Assume sales returns had a cost of $21 and purchase returns had a cost of $25. (0) Cost of goods sold $ () Ending inventory $