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Shown below is activity for one of the products sold by Detroit Office Supply: January 1 balance, 540 units @ $50 per unit $27,000 Purchases:
Shown below is activity for one of the products sold by Detroit Office Supply: January 1 balance, 540 units @ $50 per unit $27,000 Purchases: January 10: 540 units @ $55 per unit January 20: 1,020 units @ $56 per unit Sales: January 12: 910 units January 28: 790 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Detroit uses LIFO and a perpetual inventory system. Ending inventory Cost of goods sold
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