Shown below is activity for one of the products of Cleveland Office Supply: January 1 balance, 500 units @ $55 per unit $27,500 Purchases: January 10: 500 units @ $60 per unit January 20: 1,000 units @ $63 per unit Sales: January 12: 800 units January 28: 750 units Required:

Compute the January 31 ending inventory and cost of goods sold for January, assuming Cleveland uses average cost and a periodic inventory system.