Question: Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2016, was $700, 000 (28, 000 units at $25 each). During

Esquire Inc. uses the LIFO method to value its inventory. Inventory

Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2016, was $700, 000 (28, 000 units at $25 each). During 2016, 96, 000 units were purchased, all at the same price of $32 per unit. 98, 000 units were sold during 2016. Esquire uses a periodic inventory system. Complete the below table to calculate the December 31, 2016, ending inventory and cost of goods sold

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