3. Total Wine is a wine wholesaler in Ridgewood, New Jersey. The company uses the LIFO inventory valuation method and applies the lower of cost or market rule whenever necessary to value inventories. The CFO has provided the following data regarding inventories for the year ended December 31, 2019. In addition, Total Wine announced it will reduce the selling price on all 24 cases in ending inventory to $90 a case from the regular selling price of $150. Cases Cost per Total Cost Case Begin. Inventory 1/1/2019 20 $ 80.00 $ 1,600 Purchases 3/25/2019 84 $100.00 8,400 Purchases 8/19/2019 720 $128.00 92.160 Goods Available for Sale 824 $102.160 Cases Sold 800 Ending Inventory 12/31/2019 24 Required: i. Determine the cost of goods sold for the year ended December 31, 2019. ii. Determine the LIFO Reserve amount Total Wine would disclose in its 2019 financial.