Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 540 units @ $50 per unit $27,000 Purchases: January 10: 540 units @ $55 per unit January 20: 1,020 units @ $56 per unit Sales: January 12: 910 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 $ 10,450 Cost of goods sold $ 86,820

Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 540 units @ $50 per unit $27,000 Purchases: January 10: 540 units @ $55 per unit January 20: 1,020 units @ $56 per unit Sales: January 12: 910 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 $ 10,450 Cost of goods sold $ 86,820

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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