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Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 640 units @ $50 per unit $32,000 Purchases: January 10: 640 units @ $50 per unit January 20: 1,120 units @ $57 per unit Sales: January 12: 800 units January 28: 780 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

Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 640 units @ $50 per unit $32,000 Purchases: January 10: 640 units @ $50 per unit January 20: 1,120 units @ $57 per unit Sales: January 12: 800 units January 28: 780 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

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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Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 640 units @ $50 per unit $32,000 Purchases: January 10: 640 units @ $50 per unit January 20: 1,120 units @ $57 per unit Sales: January 12: 800 units January 28: 780 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, 640 units @ $50 per unit $32,000 Purchases: January 10: 640 units @ $50 per unit January 20: 1,120 units @ $57 per unit Sales: January 12: 800 units January 28: 780 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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