Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2018, was $500,000

Question:

Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2018, was $500,000 (20,000 units at $25 each). During 2018, 80,000 units were purchased, all at the same price of $30 per unit. 85,000 units were sold during 2018. Esquire uses a periodic inventory system. Calculate the December 31, 2018, and cost of goods sold for 2018.
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...