Pronghorn Inc. is a retailer using the periodic 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 Pronghorn Inc. for the month of January.

Date

Description

Quantity

Unit Cost or Selling Price

Dec. 31

Beginning inventory

160

20

Jan. 2

Purchase

100

22

Jan. 6

Sale

180

40

Jan. 9

Sale return

10

40

Jan. 9

Purchase

75

25

Jan. 10

Purchase return

15

25

Jan. 10

Sale

50

44

Jan. 23

Purchase

100

27

Jan. 30

Sale

120

49

Calculate (i) cost of goods sold and (ii) ending inventory using FIFO. (Assume sales returns had a cost of $20 and purchase returns had a cost of $25.)

(i)		Cost of goods sold		$enter a dollar amount
(ii)		Ending inventory		$enter a dollar amount