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Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 600 units @ $50 $30,000 Purchases: January 10: 600
Shown below is activity for one of the products of Denver Office Equipment:
January 1 balance, 600 units @ $50 $30,000 | |
Purchases: | |
January 10: | 600 units @ $55 |
January 20: | 1,200 units @ $58 |
Sales: | |
January 12: | 900 units |
January 28: | 800 units |
Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses FIFO.
Ending Inventory | ? |
Cost of goods sold |
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