Question: Please conplete table for the Ending Inventory- Periodic LIFO Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was
Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was $960,000 (40,000 units at $24 each). During 2021, 120,000 units were purchased, all at the same price of $29 per unit. 122,000 units were sold during 2021. Calculate the December 31, 2021, ending inventory and cost of goods sold for 2021 based on a periodic inventory system. Ending Inventory. Periodic LIFO # of units in ending Inventory COGS - Periodic LIFO Cost of units sold per Cost of Goods Sold 38.000 $24S 912,000 Cost of Goods Available for Sale Cost Hof units per Cost of Goods Available unit 2.000 $ 24 $ 48.000 120,000 20 3 450 000 122 000 3,528,000 Ending Inwentary Beginning Inventory Purchases Total ol29 38.000 $ 912.000
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