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Martinez Inc. is a retailer using the periodicinventory 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 Martinez Inc. for the month of January Date Dec. 31 Jan. 2. Jan. 6 Jan. 9 Jan. 9 Jan. 10 Jan. 10 Jan. 23 Jan. 30 Description Beginning inventory Purchase Sale Sale return Purchase Purchase return Sale Purchase Sale Quantity 160 100 180 10 75 15 50 100 120 Unit Cost or Selling Price 19 23 41 41 25 25 44 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 $19 and purchase returns had a cost of $25.) (0) Cost of goods sold $ Ending inventory $