Question
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 LIFO and a perpetual inventory system.
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Internal Audit Practice From A To Z
Authors: Patrick Onwura Nzechukwu
1st Edition
149874205X, 978-1498742054
