Question
Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 560 units @ $56 $31,360 Purchases: January 10: 560
Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 560 units @ $56 $31,360 Purchases: January 10: 560 units @ $61 January 20: 1,120 units @ $65 Sales: January 12: 940 units January 28: 810 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses average cost and a perpetual inventory system. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.) Notice the rounding part. The answer I got from a different chug "expert" was Ending inventory 30,257.50 and COGS 108,062.50 which was wrong.
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