georgiewilli5254 georgiewilli5254

02-01-2023
Business

Answered

Esquire inc. uses the lifo method to report its inventory. inventory at january 1, 2021, was $500,000 (20,000 units at $25 each). during 2021, 80,000 units were purchased, all at the same price of $30 per unit. 85,000 units were sold during 2021. assuming an income tax rate of 25%.

required:
what is lifo liquidation profit or loss that the company would report in a disclosure note accompanying its financial statements?

Answer :

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