Shown below is activity for one of the products of denver, Ask an Expert

Accounting

Shown below is activity for one of the products of Denver Office Equipment:

January 1 balance, 570 units @ $50 $28,500

Purchases:

January 10: 570 units @ $60

January 20: 1,060 units @ $61

Sales:

January 12: 1,000 units

January 28: 770 units

Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses FIFO.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M92040391

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