Accounting

 

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

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

Purchases:

      January 10: 500 units @ $60 per unit

      January 20: 1,000 units @ $63 per unit

Sales:

      January 12: 800 units

      January 28: 750 units

Required: (12 points)

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