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Shown below is activity for one of the products of ABC: January 1 balance, 700...

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Accounting

Shown below is activity for one of the products of ABC: January 1 balance, 700 units @ $55 per unit $38,500
Purchases: January 10: 700 units @ $60 per unit
January 20: 1,100 units @ $62 per unit
Sales:
January 12: 1,000 units
January 28: 840 units
Required: Compute the January 31: ending inventory and cost of goods sold for January, assuming ABC
uses FIFO and a perpetual inventory system.

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