Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 660
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Question:
Shown below is activity for one of the products of Denver Office Equipment:
January 1 balance, 660 units @ $55per unit $36,300Purchases:January 10:660 units @ $60 per unitJanuary 20:1,180 units @ $65 per unitSales:January 12:1,000 unitsJanuary 28:800 units
Required:
Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses LIFO and a perpetual inventory system.
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