Question

Esquire Corp. uses the periodic inventory system. During itsfirst year of operations, Esquire made the following purchases(list in chronological order of acquisition):

 

20 units at$50

 

35 units at$40

 

85 units at$30

 

Sales for the year totaled 135units, leaving 5 units on hand at the end of the year.

 

Ending inventory using the LIFOmethod is

$150

$177

$250

$1,540