Shown below is activity for one of the products of Denver Office Equipment:
January 1 balance, 520 units @ $50 $26,000 | |
Purchases: | |
January 10: | 520 units @ $55 |
January 20: | 1,040 units @ $59 |
Sales: | |
January 12: | 820 units |
January 28: | 770 units |
Required:
Compute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses LIFO periodic inventory system.
Answer:
Ending Inventory: $24,500
Cost of goods sold: $91,460
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