Question

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

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

January 1 balance, 580 units @ $60 $34,800
Purchases:
January 10: 580 units @ $65
January 20: 1,040 units @ $68
Sales:
January 12: 900 units
January 28: 780 units

Required:

Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses average cost and a periodic inventory system. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.)

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