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

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

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!