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Shown below is activity for one of the products of Denver Office Equipment:

Shown below is activity for one of the products of Denver Office Equipment:

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, 650 units @ $60 per unit $39,000 Purchases: January 10: January 20: Sales: January 12: January 28: 650 units @ $65 per unit 1,200 units @ $70 per unit 1,000 units 790 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses FIFO. Training
Transcribed Image Text: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: January 20: Sales: January 12: January 28: 650 units @ $65 per unit 1,200 units @ $70 per unit 1,000 units 790 units Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses FIFO. Training
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