Swifty 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 Swifty Inc. for the month of January. Date Description Quantity Unit Cost or Selling Price Dec. 31 Beginning inventory 160 21 Jan. 2 Purchase 100 23 Jan. 6 Sale 180 39 Jan. 9 Sale return 10 39 Jan. 9 Purchase 75 24 Jan. 10 Purchase return 15 24 Jan. 10 Sale 50 45 Jan. 23 Purchase 100 26 Jan. 30 Sale 120 49 Calculate (i) 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 $24.) (i) Cost of goods sold $ (ii) Ending inventory %24 Calculate (i) cost of goods sold and (ii) ending inventory using Average. (Round average cost to 3 decimal places, eg. 5.252 and round final answers to 2 decimal places, eg 5.25.) (i) Cost of goods sold (ii) Ending inventory %24 %24 Swifty 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 Swifty Inc. for the month of January. Date Description Quantity Unit Cost or Selling Price Dec. 31 Beginning inventory 160 21 Jan. 2 Purchase 100 23 Jan. 6 Sale 180 39 Jan. 9 Sale return 10 39 Jan. 9 Purchase 75 24 Jan. 10 Purchase return 15 24 Jan. 10 Sale 50 45 Jan. 23 Purchase 100 26 Jan. 30 Sale 120 49 Calculate (i) 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 $24.) (i) Cost of goods sold $ (ii) Ending inventory %24 Calculate (i) cost of goods sold and (ii) ending inventory using Average. (Round average cost to 3 decimal places, eg. 5.252 and round final answers to 2 decimal places, eg 5.25.) (i) Cost of goods sold (ii) Ending inventory %24 %24