Shown below is activity for one of the products of Denver Office Equipment:

January 1 balance, 700 units @ $55 $38,500Purchases:January 10:700 units @ $60January 20:1,100 units @ $62Sales:January 12:1,000 unitsJanuary 28:840 units

Required:

Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses average cost and a periodic inventory system.(Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.)