7 Taylor Corporation reports inventory and cost of goods sold based on calculations from a LIFO periodic inventory system. The company's records under this system reveal the following inventory layers at the beginning of 2021 (listed in chronological order of acquisition): 8.33 points 11,000 units @ $20 16,000 units @ $25 Beginning inventory $ 220,000 400,000 $ 620,000 eBook Print References During 2021, 32,000 units were purchased for $30 per unit. Due to unexpected demand for the company's product, 2021 sales totaled 40,000 units at various prices, leaving 19,000 units in ending inventory. Required: 1. Calculate the amount to report for cost of goods sold for 2021. 2. Determine the amount of LIFO liquidation profit that the company must report in a disclosure note to its 2021 financial statements. Assume an income tax rate of 25%. 3. If the company decided to purchase an additional 8,000 units at $30 per unit at the end of the year, how much income tax currently payable would be saved? 1. Cost of goods sold 2. LIFO liquidation profit 3. Income tax payable