Question: Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2013, was $884,000 (34,000 units at $26 each). During 2013, 108,000

Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2013, was $884,000 (34,000 units at $26 each). During 2013, 108,000 units were purchased, all at the same price of $33 per unit. 114,000 units were sold during 2013. Esquire uses a periodic inventory system.

Complete the below table to calculate the December 31, 2013, ending inventory and cost of goods sold.

Cost of Goods Sold

Beginning Inventory---# of units ? Cost per unit ?

Purchase-------# of units ? Cost per unit ?

COGS/Periodic LIFO

Beginning Inventory--- -------# of units ? Cost per unit ?

Purchase-------# of units ? Cost per unit ?

Ending Inventory-Periodic LIFO

Beginning Inventory--- -------# of units ? Cost per unit ?

Purchase-------# of units ? Cost per unit ?

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