Brief Exercise 8-8 (Static) LIFO method [LO8-4] Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was $500,000 (20,000 units at $25 each). During 2021, 80,000 units were purchased, all at the same price of $30 per unit. 85,000 units were sold during 2021. Calculate the December 31, 2021, ending inventory and cost of goods sold for 2021 based on a periodic inventory system. Cost of Goods Available for Sale COGS - Periodic LIFO Cost per unit # of units Cost of Goods Available # of units sold Cost per unit Ending Inventory - Periodic LIFO Cost # of units in ending Ending per inventory Inventory unit Cost of Goods Sold Beginning Inventory 20.000 $ 25 $ 500,000 $ 25 $ 25 Purchases 30 $ 30 $ 30 80,000 100,000 2,400,000 2,900,000 Total $