...........

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. X Answer is not complete. Cost of Goods Available for Sale COGS - Periodic LIFO Ending Inventory - Periodic LIFO Cost # of units per Cost of Goods # of units Cost Cost of Goods Cost Ending unit Available # of units in ending sold per unit Sold inventory per unit Inventory Beginning Inventory 20,000 $ 25 $ 500,000 20,000 X $ 25 500,000 20,000 X $ 25 $ 500,000 Purchases 80,000 30 2,400,000 30 0 $ 30 0 Total 100,000 2,900,000 20,000 500,000 20,000 500,000