Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1

Question

Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2013, was $884,000 (34,000 units at $26 each). During 2013, 108,000 units were purchased, all at the same price of $33 per unit. 114,000 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 Sold

Beginning Inventory---# of units ?   Cost per unit ?

Purchase-------# of units ?    Cost per unit ?

COGS/Periodic LIFO

Beginning Inventory---   -------# of units ?   Cost per unit ?

Purchase-------# of units ?    Cost per unit ?

Ending Inventory-Periodic LIFO

Beginning Inventory---   -------# of units ?   Cost per unit ?

Purchase-------# of units ?    Cost per unit ?

Complete the below table to calculate the December 31, 2013, ending inventory and cost of goods sold.

Cost of Goods Sold

Beginning Inventory---# of units ?   Cost per unit ?

Purchase-------# of units ?    Cost per unit ?

COGS/Periodic LIFO

Beginning Inventory---   -------# of units ?   Cost per unit ?

Purchase-------# of units ?    Cost per unit ?

Ending Inventory-Periodic LIFO

Beginning Inventory---   -------# of units ?   Cost per unit ?

Purchase-------# of units ?    Cost per unit ?

Explanation / Answer

Particulars Units Rate Amount Opening Inventory 34000 26 884000 Purchases 108000 33 3564000 Units sold 114000         32.63 3720000 Closing Inventory 28000 26 728000

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