8.15

Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was $572.000 (26,000 units at $22 each During 2021, 92,000 units were purchased, all at the same price of $26 per unit. 96,000 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 Beginning Inventory Purchases Total Cost of Goods Available for Sale Cost # of units Cost of Goods per unit Available 26,000 $ 22 $ 572,000 92,000 26 2,392,000 118.000 $ 2,964,000 COGS. Periodic LIFO Cost # of units sold Cost of Goods per unit Sold $ 22 5 0 $ 26 0 0 $ 0 Ending Inventory. Periodic LIFO # of units in ending Cost Ending Inventory per unit Inventory $ 225 0 $ 26 0 0 $ 0