Problem 2 chapter 8 part b Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 520 units e$50 $26,000 Purchases: January 520 units $55 10: January 1,040 units e $59 20: Sales: January 780 units 121 January 770 units 28: Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses LIFO and a perpetual inventory system. Ending inventory Cost of goods sold