Question: Use the following to answer the question(s) below: Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 500

Use the following to answer the question(s) below:

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

January 1 balance, 500 units @ $55 $27,500

Purchases:

January 10: 500 units @ $60

January 20: 1,000 units @ $63

Sales:

January 12: 800 units

January 28: 750 units

Required: Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses FIFO and a perpetual inventory system.

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