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Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was $552,000 (23,000 units at $24 each). During 2021, 86,000 units were purchased, all at the same price of $28 per unit. 88,000 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. Cost of Goods Available for Sale COGS - Periodic LIFO Cost of Goods Available # of units sold Cost of Goods Sold Cost per unit $ 24 $ 28 Cost # of units per unit 23,000 $ 24 86,000 28 109,000 Ending Inventory - Periodic LIFO Cost # of units in ending Ending per inventory Inventory unit $ 24 $ 0 $ 28 0 $ $ Beginning Inventory Purchases 0 552,000 2,408,000 2,960,000 0 Total $ 0 $ 0 0 $ 0 AAA Hardware uses the LIFO method to report its inventory. Inventory at the beginning of the year consisted of 28,000 units of the company's one product. These units cost $14 each. During the year, 78,000 units were purchased at a cost of $17 each and 83,000 units were sold. Near the end of the fiscal year, management is considering the purchase of an additional 11,500 units at $17. Required: 1. What would be the effect of this purchase on income before income taxes? 2. What would be the effect of this purchase on income before income taxes using FIFO? 1. Income before income taxes would be 2. Income before income taxes would be The June 30, 2021, year-end trial balance for Askew company contained the following information: Debit 33,600 Credit 396,000 Account Inventory, 7/1/2020 Sales revenue Sales returns Purchases Purchase discounts Purchase returns Freight-in 13,600 256,000 7,600 11,600 20,200 In addition, you determine that the June 30, 2021, inventory balance is $41,600. Required: Calculate the cost of goods sold for the Askew Company for the year ending June 30, 2021. Cost of goods sold