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 average cost and a periodic inventory system. Note: Do not round intermediate calculations. Round your final answers to nearest whole dollar amount