Question
Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2013, was $792,000 (36,000 units at $22 each). During 2013, 112,000
Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2013, was $792,000 (36,000 units at $22 each). During 2013, 112,000 units were purchased, all at the same price of $30 per unit. 116,000 units were sold during 2013. Esquire uses a periodic inventory system.
Complete the below table to calculate the December 31, 2013, ending inventory and cost of goods sold. |
Cost of goods available for sale BEGINNING INVENTORY # of units______? cost per unit________? COGS-Period LIFO # of units sold _________? Ending Inventory-Periodic LIFO # of units in ending inventory? PURCHASES COST OF GOODS AVAILABLE FOR SALE # OF UNITS______? Cost per unit____? COGS PERIODIC LIFO #of units sold_____? ENDING INVENTORY PERIODIC LIFO # of units in ending inventory_____? |
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