Question
Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 660 units @ $55 $36,300 Purchases: January 10: 660
Shown below is activity for one of the products of Denver Office Equipment:
| January 1 balance, 660 units @ $55 $36,300 | |
| Purchases: | |
| January 10: | 660 units @ $60 |
| January 20: | 1,180 units @ $65 |
| Sales: | |
| January 12: | 1,000 units |
| January 28: | 800 units |
Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses FIFO.
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Integrated Audit Practice Case
Authors: David S. Kerr, Randal J. Elder, Alvin A. Arena
6th Edition
0912503564, 9780912503561
