Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2016, was $888,000 (37,000 units at $24 each). During 2016, 114,000 units were purchased, all at the same price of $29 per unit. 117,000 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.

Answer is complete but not entirely correct Cost of Goods Available for Sale COGS Periodic LIFO Ending Inventory - Periodic LIFO Cost per unit Cost of Goods Available #of units sold Cost per unit # of units #of units Cost per unit Ending Inventory Cost of in ending Goods Sold nventory Beginning Invento Purchases 37,000 24 888,000 114,000 24 2,736,000 37,000 X 24 888,000 114,000 2 3,306,000 3,000 29 151,000 87,000 $2,823,000 34,000 x $ 29 986,000 Total $ 4,194,000 117,000 71,000 $1,874,000