Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses FIFO.
Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses FIFO.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Shown below is activity for one of the products of Denver Office Equipment:
January 1 balance, 560 units @ $56 per unit $31,360
Purchases:
January 10: 560 units @ $61 per unit
January 20: 1,120 units @ $65 per unit
Sales:
January 12: 940 units
January 28: 810 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%2F8e363dfb-70b5-4da7-b453-3724adbb6e76%2F1a407b38-102d-4efc-ae8a-a39d9f31c96a%2F745wlwl_processed.png&w=3840&q=75)
Transcribed Image Text:Shown below is activity for one of the products of Denver Office Equipment:
January 1 balance, 560 units @ $56 per unit $31,360
Purchases:
January 10: 560 units @ $61 per unit
January 20: 1,120 units @ $65 per unit
Sales:
January 12: 940 units
January 28: 810 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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