Question

Shown below is activity for one of the products of a local shop.: January 1 balance,...

Shown below is activity for one of the products of a local shop.:

January 1 balance, 570 units @ $50 $28,500
Purchases:
January 10: 570 units @ $60
January 20: 1,060 units @ $61
Sales:
January 12: 1,000 units
January 28: 770 units

Required:

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

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