Question 3: Shown below is activity for one of the products of Denver Office Equipment. The company uses a perpetual inventory system. January 1 balance, 500 units @ $55 $27,500 Purchases: January 10: 500 units @ $60 January 20: 1,000 units @ $63 Sales: January 12: 800 units January 28: 750 units a) Compute the ending inventory and cost of goods sold assuming Denver uses FIFO. (2 marks) b) Compute the ending inventory and cost of goods sold assuming Denver uses average cost. (2 marks)