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[SOLVED] hown below is activity for one of the products of Denver Office Equipment: January 1 balance, 550 units @ $6…..

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15. 10,00 points Shown below is activity for one of the products of Denver Office Equipment January 1 balance, 550 units@ $60 $33,000 Purchases January 10: 550 units $65 January 20: 1,100 units@$57 Sales January 12: 950 units January 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

Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 550 units @ $60 $33,000 Purchases: January 10: 550 units @ $65 January 20: 1, 100 units @ $57 Sales: January 12: 950 units January 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.

Expert Answer

 

January 1:

Beginning Inventory = 550 units * $60
Beginning Inventory = $33,000

January 10:

550 units at $65 were purchased.

January 12:

950 units were sold which include 550 units from purchases of January 10 and 400 units from Beginning Inventory

Cost of Goods Sold = 550 * $65 + 400 * $60
Cost of Goods Sold = $59,750

January 20:

1,100 units at $57 were purchased.

January 28:

800 units were sold from purchases of January 20.

Cost of Goods Sold = 800 * $57
Cost of Goods Sold = $45,600

Total Cost of Goods Sold = $59,750 + $45,600
Total Cost of Goods Sold = $105,350

Ending Inventory will include 300 units from January 20 Purchases and 150 units from Beginning Inventory

Ending Inventory = 300 * $57 + 150 * $60
Ending Inventory = $26,100

 

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