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Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021,...

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Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was $500,000 (20,000 units at $25 each). During 2021, 80,000 units were purchased, all at the same price of $30 per unit. 85,000 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. COGS - Periodic LIFO Cost of Goods Available for Sale Cost Cost of Goods # of units per Available unit Ending Inventory - Periodic LIFO Cost # of units in ending Ending per inventory Inventory unit Cost per unit # of units sold Cost of Goods Sold Beginning Inventory 20,000 $ 25 $ 500,000 $ 25 $ 25 80,000 30 $ 30 $ 30 Purchases Total 2,400,000 2,900,000 100.000 $

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