54. LO. 3,6 In 2013, Gail changed from the lower of cost or market FIFO method to the LIFO inventory method. The ending inventory for 2012 was computed as follows: FIFO Cost A $26,000 B 52,000 C 30,000 Replacement Cost A $15,000 B 55,000 C 7,000 Lower of cost or Market A $15,000 B 52,000 c 7,000 The total of Lower of cost or market is $74,000 Item C was damaged goods, and the replacement cost used was actually the estimated selling price of the goods. Te actual cost to replace item C was $32,000. A). What is the correct beginning inventory for 2013 under the LIFO method? B). What immediate tax consequences (if any) will result from the witch to LIFO? Additional Requirements