Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 550 units @ $60 per unit $33,000 Purchases: January 550 units @ $65 per unit 10: January 1,100 units @ $57 per unit 20: Sales: January 950 units 12: January 800 units 28: Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses LIFO and a perpetual inventory system. Ending inventory Cost of goods sold Fulbright Corp. uses the periodic inventory system. During its first year of operations, Fulbright made the following purchases (listed in chronological order of acquisition): . 42 units at $94 per unit 71 units at $73 per unit 172 units at $64 per unit Sales for the year totaled 269 units, leaving 16 units on hand at the end of the year. Ending Inventory using the FIFO method is: Multiple Choice $1,131 O $1.074 $1,504 o $1,024