Riverbed 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 Riverbed Inc. for the month of January. Date Description 6 Sale Dec. 31 Beginning inventory Jan. Jan. 2 Purchase 180 Jan. 9 Sale return Jan. 9 Purchase Jan. 10. Purchase return Jan 10 23 Sale Jan 23 Purchase Jan 30 Sale 888 Unit Cost or Quantity Selling Price 160 $20 100 23 41 10 41 75 24 15 24 50 45 100 26 120 50 Your answer is correct. 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 7460 Ending Inventory $ 2080 Gross Profit 7760 XYour answer is incorrect. Using Average method, calculate (i) cost of goods sold, (ii) ending inventory, and (iii) gross profit. (Round average cost to 3 decimal places, e.g. 5.252 and final answers to 2 decimal places, eg 5.25.) Cost of goods sold 7300 Ending Inventory $ 1986.45 Gross Profit $ 1969.1