Question: Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2016, was $792,000 (36,000 units at $22 each). During 2016, 112,000

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, 2016, was $792,000 (36,000 units at $22 each). During 2016, 112,000 units were purchased, all at the same price of $30 per unit. 116,000 units were sold during 2016. Esquire uses a periodic inventory system Assuming an income tax rate of 40%, what is LIFO liquidation profit or loss that the company would report in a disclosure note accompanying its financial statements? LIFO liquidation profit (loss)

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