Question: Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2018, was $768,000 (32,000 units at $24 each). During 2018, 104,000
Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2018, was $768,000 (32,000 units at $24 each). During 2018, 104,000 units were purchased, all at the same price of $27 per unit. 112,000 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 # of units Cost per Cost of Goods #of units Cost per Cost of Goods unit Available sold unit Sold $ 0 $ 0 $ 0 0 $ 0 0 0 $ 0 0 $ 0 Ending Inventory - Periodic LIFO # of units Cost per in ending Ending unit Inventory Inventory $ 0 $ $ 0 0 $ 0 Beginning Inventory Purchases Total 0 0
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