' LOB4 BE 8 Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2016, was $500,000 8 (20,000 units at $25 each). During 2016, 80,000 units were purchased. all at the same price of $30 per unit. 85,000 units were sold during 2016. Esquire uses a periodic inventory system. Calculate the LIFO December 31, 2016, ending inventory and cost of goods sold for 2016. method