Refer to the situation described in BE 8–8. Assuming an

Refer to the situation described in BE 8–8. Assuming an income tax rate of 25%, what is LIFO profit or loss that the company would report in a disclosure note accompanying its financial statements?

BE 8–8

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. Calculate the December 31, 2021, and cost of goods sold for 2021 based on a periodic inventory system.

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