Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 530 units @ $55 per unit $29,150 Purchases: January 10: 530 units @ $60 per unit January 20: 1,060 units @ $64 per unit Sales: January 12: 820 units January 28: 650 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses FIFO.
Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 530 units @ $55 per unit $29,150 Purchases: January 10: 530 units @ $60 per unit January 20: 1,060 units @ $64 per unit Sales: January 12: 820 units January 28: 650 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses FIFO.
Chapter10: Inventory
Section: Chapter Questions
Problem 6EA: Akira Company had the following transactions for the month. Calculate the gross margin for the...
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Shown below is activity for one of the products of Denver Office Equipment:
January 1 balance, 530 units @ $55 per unit $29,150
Purchases:
January 10: 530 units @ $60 per unit
January 20: 1,060 units @ $64 per unit
Sales:
January 12: 820 units
January 28: 650 units
Required:
Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses FIFO.
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