Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 620 units @$55 per unit $34,100 Purchases: January 10: 620 units @ $60 per unit January 20: 1,240 units @ $65 per unit Sales: January 12: 930 units January 28: 760 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

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 3RE: Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of...
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Shown below is activity for one of the products of Denver Office Equipment:
January 1 balance, 620 units @$55 per unit $34,100
Purchases:
January 10: 620 units @ $60 per unit
January 20: 1,240 units @ $65 per unit
Sales:
January 12: 930 units
January 28: 760 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, 620 units @$55 per unit $34,100 Purchases: January 10: 620 units @ $60 per unit January 20: 1,240 units @ $65 per unit Sales: January 12: 930 units January 28: 760 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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