Brief Exercise 8-14 (Algo) LIFO method [LO8-4] Esquire Incorporated uses the LIFO method to report its inventory. Inventory at the beginning of the year was $552,000(23,000 units at $24 each). During the year, 86,000 units were purchased, all at the same price of $28 per unit. 88,000 units were sold during the year. Calculate ending inventory and cost of goods sold at the end of the year based on a periodic inventory system