Shown below is activity for one of the products of Denver Of

Shown below is activity for one of the products of Denver Office Equipment January 1 balance, 690 units @$68 $41,489 Purchases: anuary 18: 698 units @ $64 January 20: 1,220 units e $66 Sales: January 12: 1,009 units anuary 28: 800 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 Cost of goods sold

Solution

Date                       Purchased                      Sold Balance Units Cost per unit Total Cost Units Cost per unit Total Cost Units Cost per unit Total Cost Beginning Inventory 690 $60.00 $41,400.00 690 $60.00 $41,400.00 Jan.10 690 $64.00 $44,160.00 690 $60.00 $41,400.00 690 $64.00 $44,160.00 1380 $85,560.00 Jan.12 690 $64.00 $44,160.00 310 $60.00 $18,600.00 380 $60.00 $22,800.00 Jan. 20 1220 $66.00 $80,520.00 380 $60.00 $22,800.00 1220 $66.00 $80,520.00 1600 $103,320.00 Jan.28 800 $66.00 $52,800.00 380 $60.00 $22,800.00 420 $66.00 $27,720.00 Total Cost of Good sold $115,560.00 800 $50,520.00 Ending Inventory