1 Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 590 units @ $50 per unit $29,500 Purchases: January 10: 590 units @ $50 per unit January 20: 1,020 units @ $60 per unit 4 Sales: January 12: 840 units January 28: 790 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses FIFO. Ending inventory Cost of goods sold
1 Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 590 units @ $50 per unit $29,500 Purchases: January 10: 590 units @ $50 per unit January 20: 1,020 units @ $60 per unit 4 Sales: January 12: 840 units January 28: 790 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses FIFO. Ending inventory Cost of goods sold
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter5: Inventories And Cost Of Goods Sold
Section: Chapter Questions
Problem 5.11E: Inventory Costing Methods VanderMeer Inc. reported the following information for the month of...
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Shown below is activity for one of the products of Denver Office Equipment:
January 1 balance, 590 units @ $50 per unit $29,500
Purchases:
January 10: 590 units @ $50 per unit
January 20: 1,020 units @ $60 per unit
4
Sales:
January 12: 840 units
January 28: 790 units
Required:
Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses FIFO.
Ending inventory
Cost of goods sold](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffeb6c32a-394e-45a9-a6fa-772473288ead%2F9a555dc9-5988-4992-93f6-5fcf32017150%2Fb2rzoal_processed.jpeg&w=3840&q=75)
Transcribed Image Text:1
Shown below is activity for one of the products of Denver Office Equipment:
January 1 balance, 590 units @ $50 per unit $29,500
Purchases:
January 10: 590 units @ $50 per unit
January 20: 1,020 units @ $60 per unit
4
Sales:
January 12: 840 units
January 28: 790 units
Required:
Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses FIFO.
Ending inventory
Cost of goods sold
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