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Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 630 units @ $55 $34,650 Purchases: January 10: 630
Shown below is activity for one of the products of Denver Office Equipment:
January 1 balance, 630 units @ $55 $34,650 | |
Purchases: | |
January 10: | 630 units @ $60 |
January 20: | 1,260 units @ $62 |
Sales: | |
January 12: | 900 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.
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