Shown below is activity for one of the products of Kansas City Summer Gear:

January $1$ balance, $620$ units @ $$55$ $$34,100$

Purchases:

January $10$: $620$ units @ $$60$

January $20$: $1,240$ units @ $$65$

Sales:

January $12$: $930$ units

January $28$: $760$ units

Required:

Compute the January $31$ ending inventory and cost of goods sold for January, assuming the shop uses LIFO

perpetual inventory system.

SHOW SOLUTION NOT IN AN EXCEL