Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 500 units @ $55 $27,500 Purchases: January 10: 500 units @ $60 January 20: 1,000 units @ $63 Sales: January 12: 800 units January 28: 750 units Required: Compute the January 31 cost of ending inventory and cost of goods sold for January, assuming Denver uses LIFO and a periodic inventory system. Ending inventory Cost of goods sold $ 26,750 $ 93,750