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Esquire uses a periodic inventory system calculate the

1. Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2011, was $500,000 (20,000 units at $25 each). During 2011, 80,000 units were purchased, all at the same price of $30 per unit. 85,000 units were sold during 2011. Esquire uses a periodic inventory system. Calculate the December 31, 2011, ending inventory and cost of goods sold for 2011.

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