Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
Please conplete table for the Ending Inventory- Periodic LIFO Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was
Please conplete table for the Ending Inventory- Periodic LIFO Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was $960,000 (40,000 units at $24 each). During 2021, 120,000 units were purchased, all at the same price of $29 per unit. 122,000 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. Ending Inventory. Periodic LIFO # of units in ending Inventory COGS - Periodic LIFO Cost of units sold per Cost of Goods Sold 38.000 $24S 912,000 Cost of Goods Available for Sale Cost Hof units per Cost of Goods Available unit 2.000 $ 24 $ 48.000 120,000 20 3 450 000 122 000 3,528,000 Ending Inwentary Beginning Inventory Purchases Total ol29 38.000 $ 912.000
Please conplete table for the Ending Inventory- Periodic LIFO
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started