Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 700 units @ $55 per unit $38,500 Purchases: January 10: 700 units @ $60 per unit January 20: 1,100 units @ $62 per unit Sales: January 12: 1,000 units January 28: 840 units Required:

Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses FIFO.

Ending Inventory:

Cost of Goods Sold: