Shown below is activity for one of the products of Denver Office Equipment: $50 $26,000 January 1 balance, 520 units Purchases: January 10: 520 units $55 January 20: 1,040 units e $59 Sales: January 12: 780 units January 28: 770 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 Explanation $28,930 $87,030 Perpetual LIFO Date Beginning Inv Jan. 10 Purchased 520 e 50 $26,000 520 55 $28,600 Sold Balance 520 $50 $26,00 520 $50 520 $55 $54,60 520 Jan. 12 $55 + 260 $50 $41, 600 260 e s50 $13,00 Jan. 20 1,040 59 $61,360 260 $50 1,040 $59 $74,36 Jan. 28 770 $59 $45,430 260 $50 270 $59 $28,93 otal cost of goods sold $87,030