Your answer is partially correct Using FIFO method, calculate il costofoods sold, ending inventory and low profit. Assume a returns had a cost of $21 and purchase returns had a cost of $253 Cost of goods sold $ 745 $ 3100 Ending Inventory Gross Proht $ 4 Textbook and Media Attempt 6 of 15 used Sitat Bramble 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 Bramble Inc. for the month of January Date Dec Jan Jan Jan. Jan Jan 31 2 6 Description Beginning inventory Purchase Sale Sale return Purchase Purchase return Sale Purchase Sale 9 Unit Cost or Selling Price $21 23 42 42 25 25 44 27 50 Quantity 160 100 180 10 75 15 50 100 120 Jan 10 10 23 30 Jan Current Attempt in Progress Bramble 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 Bramble Inc. for the month of January Date Unit Cost or Selling Price $21 23 42 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 25 25 44 27 SO Using FIFO method, calculate (i) cost of goods sold, (i) ending inventory, and (ii) gross profit. (Assume sales returns had a cost of $21 and purchase returns had a cost of $25.) Cost of goods sold $ 7495 Ending Inventory 2160 Gross Profit 8441