Shown below is activity for one of the products of Denver Office Equipment:January 1 balance, 550 units @ $60 per unit$33,000Purchases:January10:January20:Sales:January12:January28:550 units @ $65 per unit1,100 units @ $57 per unit950 units800 unitsRequired:Compute the January 31 ending inventory and cost of goods sold for January, assumingDenver uses average cost and a perpetual inventory system. (Do not roundintermediate calculations. Round your final answers to nearest whole dollar amount.)Ending inventoryCost of goods sold

The inventory can be valued using various methods as FIFO, LIFO and average method. Using average…

Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 550 units @ $60 per unit $33,000 Purchases: January 10: January 20: Sales: January 12: January 28: 550 units $65 per unit 1,100 units @ $57 per unit 950 units 800 units

Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 550 units @ $60 per unit $33,000 Purchases: January 10: January 20: Sales: January 12: January 28: 550 units $65 per unit 1,100 units @ $57 per unit 950 units 800 units

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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Question

Shown below is activity for one of the products of Denver Office Equipment:
January 1 balance, 550 units @ $60 per unit
$33,000
Purchases:
January
10:
January
20:
Sales:
January
12:
January
28:
550 units @ $65 per unit
1,100 units @ $57 per unit
950 units
800 units
Required:
Compute the January 31 ending inventory and cost of goods sold for January, assuming
Denver uses average cost and a perpetual inventory system. (Do not round
intermediate calculations. Round your final answers to nearest whole dollar amount.)
Ending inventory
Cost of goods sold

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