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

Question

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

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

Purchases:

    January 10:  500 units @ $60

    January 20:  1,000 units @ $63

Sales:

     January 12:  800 units

     January 28:  750 units

What is Denver Office Equipment%u2019s January 31 ending inventory and cost of goods sold for January, assuming Denver uses FIFO?

Answer                      

Ending inventory = $27,000; Cost of goods sold = $93,500

Ending inventory = $24,750; Cost of goods sold = $95,750

Ending inventory = $27,113; Cost of goods sold = $93,387

Ending inventory = $28,350; Cost of goods sold = $92,150

                            
           Ending inventory = $28,350; Cost of goods sold = $92,150                             
           Ending inventory = $27,113; Cost of goods sold = $93,387                             
           Ending inventory = $27,000; Cost of goods sold = $93,500                             
           Ending inventory = $24,750; Cost of goods sold = $95,750

Explanation / Answer

1)c

2)d

3)a

4)d

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