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

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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Vikram Bhai 

Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 540 units @ $50 per unit $27,000 Purchases: January 10: 540 units @ $55 per unit January 20: 1,020 units @ $56 per unit Sales: January 12: 910 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
Transcribed Image Text:Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 540 units @ $50 per unit $27,000 Purchases: January 10: 540 units @ $55 per unit January 20: 1,020 units @ $56 per unit Sales: January 12: 910 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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