Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 650 units @ $60 per unit $39,000 Purchases: January 10: 650 units @ $65 per unit January 20: 1,020 units @ $70 per unit Sales: January 12: 900 units January 28: 790 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses LIFO and a periodic inventory system.
Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 650 units @ $60 per unit $39,000 Purchases: January 10: 650 units @ $65 per unit January 20: 1,020 units @ $70 per unit Sales: January 12: 900 units January 28: 790 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses LIFO and a periodic inventory system.
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 12RE: Carla Company uses the perpetual inventory system. The following information is available for...
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Shown below is activity for one of the products of Denver Office Equipment:
January 1 balance, 650 units @ $60 per unit $39,000
Purchases:
January 10: 650 units @ $65 per unit
January 20: 1,020 units @ $70 per unit
Sales:
January 12: 900 units
January 28: 790 units
Required:
Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses LIFO and a periodic inventory system.
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