Use the following to answer the questions 6. 7. 8 and 9 helow:ni 1t h Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 500 units @$55= $27,500 Purchases: January 10: 500 units @ $60 January 20: 1,000 units @ $63 Sales: January 12: 800 units January 28: 750 units the fo of cos ble 6) Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses FIFO. (2 points) 105 000,02 000.ca 000.002 000,201 000,005 00n 28 pany es the on hand a ble from compay re ust was ips 7) Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses LIFO and a perpetual inventory system. (3 points) 4300 ot ventory 8) Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses average cost and a perpetual inventory system. (3 points) 2ll 01.FR G0 02 02t.17 G0812 6OLS 00 Page ) Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses LIFO and a periodic inventory system. (3 points) compr Rgds 10) Selected financial statement data from Western Colorado Stores is shown below. CHmDthnps (ebcg SO1 2018 $625,000 $690,000 500,000 490,000 105,000 90,000 2017 Net sales Cost of goods sold Operating expenses Inventory 85,000 70,000 Required: 1. Compute the gross profit ratio for 2018. (2 points) 2. Compute the inventory turnover ratio for 2018. (3 points) pin Las C ck Use the following to answer the question 11 below: Novelli's Nursery has developed the following data in order to calculate the lower of cost or net realizable value for its products. The individual products are listed within the categories of trees. Selling Price Cost Broad leaf trees: $1,700 1,600 $ 1,800 2,200 Ash Beech Needle leaf trees: Cedar $ 2,500 3,600 $1,750 3,350 Fir Fruit trees: $1,400 1,800 $1,800 2,300 Apple Cherry The costs to sell are 10% of selling price. Page 4 of 9