Shown below is activity for one of the products of Denver Office Equipment January 1 balance, 700 units @ $55 $38,500 Purchases: January 10: 700 units @ $60 January 20: 1,100 units @ $62 Sales: January 12: 1,000 units January 28: 840 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses FIFO. Ending inventory Cost of goods sold