# (Question and Answer): ompute the January 31 ending inventory and cost of goods sold for January, assuming Denver uses average cost and

 Shown below is activity for one of the products of Denver Office Equipment:
 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 Denver uses average cost and a periodic inventory system. (Do not round intermediate calculations. Round your final answers to nearest whole dollar amount.)

 Step-1:Calculate Weighted Average Cost per unit Weighted Average Cost per unit = ((570*50)+(570*60)+(1060*61))/(570+570+1060) = \$    57.89 Step-2:Calculate Units sold and ending Inventory Units Available for sale (570+570+1060) 2,200 Less:Units sold (1000+770) 1,770 Ending Inventory 430 Step-3:Calculation of Ending Inventory and cost of goods sold Cost of Ending Inventory 430 x \$    57.89 = \$         24,893 Cost of goods sold 2,200 x \$    57.89 = \$      1,27,360 Thus, January 31 endng inventory \$     24,893 Cost of goods sold for January \$ 1,27,360

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