2. Shown below is activity for one of the products of Denver Office Equipment:January 1 balance, 670 units @ $60 per unit $40,200Purchases:January 10: 670 units @ $54 per unitJanuary 20: 1,020 units @ $60 per unitSales:January 12: 900 unitsJanuary 28: 800 unitsRequired:Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses LIFO and a periodic inventorysystem.Ending inventoryCost of goods sold$34,200$103,380

Under periodic inventory system, record of each purchase and sale is not maintained. Under LIFO…

Answered: anuary 1 balance, 670 units @ $60 per…

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

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 1PEB: The following three identical units of Item Beta are purchased during June: Assume that one unit is...

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