Esquire inc uses the lifo method to value its inventory


Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2013, was $960,000 (40,000 units at $24 each). During 2013, 120,000 units were purchased, all at the same price of $29 per unit. 122,000 units were sold during 2013. Esquire uses a periodic inventory system.

Assuming an income tax rate of 40%, what is LIFO liquidation profit or loss that the company would report in a disclosure note accompanying its financial statements?

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Financial Accounting: Esquire inc uses the lifo method to value its inventory
Reference No:- TGS01047317

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