Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was $600,000 (24,000 units at $25 each). During 2021, 88,000 units were purchased, all at the same price of $30 per unit. 89,000 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. Cost of Goods Available for Sale COGS - Periodic LIFO Ending Inventory - Periodic LIFO Cost Cost Cost Cost of Goods Available Cost of Goods Sold # of units in ending inventory Ending Inventory # of units # of units sold per unit per unit per unit Beginning Inventory 24,000 $ 25 600,000 $ 25 $ $ 25 $ Purchases 88,000 30 2,640,000 $ 30 $ 30 Total 112,000 $ 3,240,000

Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was $600,000 (24,000 units at $25 each). During 2021, 88,000 units were purchased, all at the same price of $30 per unit. 89,000 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. Cost of Goods Available for Sale COGS - Periodic LIFO Ending Inventory - Periodic LIFO Cost Cost Cost Cost of Goods Available Cost of Goods Sold # of units in ending inventory Ending Inventory # of units # of units sold per unit per unit per unit Beginning Inventory 24,000 $ 25 600,000 $ 25 $ $ 25 $ Purchases 88,000 30 2,640,000 $ 30 $ 30 Total 112,000 $ 3,240,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 11RE: Jessie Stores uses the periodic system of calculating inventory. The following information is...

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