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Shown below is activity for one of the products of Denver Office Equipment: January 1...

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Accounting

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

January 1 balance, 650 units @ $60 $39,000

Purchases: January 10: 650 units @ $65

January 20: 1,200 units @ $70

Sales: January 12: 1,000 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 perpetual inventory system.

Ending Inventory?

Cost of Goods Sold?

Answer & Explanation Solved by verified expert
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