anuary 1 balance, 670 units @ $60 per unit $40,200 urchases: January 10: 670 units @ $54 per unit January 20: 1,020 units @ $60 per unit ales: January 12: 900 units January 28: 800 units
anuary 1 balance, 670 units @ $60 per unit $40,200 urchases: January 10: 670 units @ $54 per unit January 20: 1,020 units @ $60 per unit ales: January 12: 900 units January 28: 800 units
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
2.
Transcribed Image Text:Shown below is activity for one of the products of Denver Office Equipment:
January 1 balance, 670 units @ $60 per unit $40,200
Purchases:
January 10: 670 units @ $54 per unit
January 20: 1,020 units @ $60 per unit
Sales:
January 12: 900 units
January 28: 800 units
Required:
Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses LIFO and a periodic inventory
system.
Ending inventory
Cost of goods sold
$34,200
$
103,380
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