Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2018,...
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Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2018, was $700,000 (35,000 units at $20 each). During 2018, 110,000 units were purchased, all at the same price of $26 per unit. 115,000 units were sold during 2018. Esquire uses a periodic inventory system. Complete the below table to calculate the December 31, 2018, ending inventory and cost of goods sold for 2018.
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