Brief Exercise 8-8 LIFO method [LO8-4]

Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2018, was $500,000 (25,000 units at $20 each). During 2018, 90,000 units were purchased, all at the same price of $27 per unit. 95,000 units were sold during 2018. Esquire uses a periodic inventory system. Complete the below table to calculate the December 31, 2018, ending inventory and cost of goods sold for 2018.

	Cost of Goods Available for Sale			COGS - Periodic LIFO			Ending Inventory - Periodic LIFO
	# of units	Cost per unit	Cost of Goods Available	# of units sold	Cost per unit	Cost of Goods Sold	# of units in ending inventory	Cost per unit	Ending Inventory
Beginning Inventory
Purchases
Total