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 LIFO and a perpetual inventory system. What is the Ending inventory? What is the Cost of goods sold