Shown below is activity for one of the products of Denver Office Equipment:
January 1 balance, 500 units @ $55 per unit $27,500
Purchases:
January 10: 500 units @ $60 per unit
January 20: 1,000 units @ $63 per unit
Sales:
January 12: 800 units
January 28: 750 units
Required: (12 points)
Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses LIFO and a perpetual inventory system.
