Question
Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 520 units @ $50 $26,000 Purchases: January 10: 520
Shown below is activity for one of the products of Denver Office Equipment:
| January 1 balance, 520 units @ $50 $26,000 | |
| Purchases: | |
| January 10: | 520 units @ $55 |
| January 20: | 1,040 units @ $59 |
| Sales: | |
| January 12: | 820 units |
| January 28: | 770 units |
Required:
Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses LIFO periodic inventory system.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
