Question
Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 650 units @ $60 $39,000 Purchases: January 10: 650
Shown below is activity for one of the products of Denver Office Equipment:
January 1 balance, 650 units @ $60 $39,000
Purchases: January 10: 650 units @ $65
January 20: 1,200 units @ $70
Sales: January 12: 1,000 units
January 28: 790 units
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?
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Fundamentals Of Oil And Gas Accounting
Authors: Charlotte J. Wright, Rebecca A. Gallun
5th Edition
1593701373, 978-1593701376
