Question
Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 590 units @ $50 per unit $29,500 Purchases: January
Shown below is activity for one of the products of Denver Office Equipment:
| January 1 balance, 590 units @ $50 per unit $29,500 | |
| Purchases: | |
| January 10: | 590 units @ $50 per unit |
| January 20: | 1,020 units @ $60 per unit |
| Sales: | |
| January 12: | 840 units |
| January 28: | 790 units |
Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses FIFO
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Financial Accounting Theory and Analysis Text and Cases
Authors: Richard G. Schroeder, Myrtle W. Clark, Jack M. Cathey
10th edition
470646284, 978-0470646281
