A company that uses a LIFO cost flow assumption for costing its inventory had the following inventory at the start of 2017 for the only product that it sells: # Cost per Layer A Layer B TOTAL Units 1,000 3,000 Unit 12 14 Total 12,000 42,000 54,000 PART A During 2017 the company purchased 10,000 units of inventory at a cost of $20 per unit and sold 10,000 units at a selling price of $35 per unit. 1. What is Cost of Goods Sold for 2017 and Ending Inventory on 12/31/2017? 2. How much LIFO reserve would be reported in the 12/31/2017 financial statement disclosures (assume that the $20 purchase price for inventory is representative of replacement cost at year-end). PART B During 2017 the company purchased 9,600 units of inventory at a cost of $20 per unit and sold 10,000 units at a selling price of $35 per unit. 1. What is Cost of Goods Sold for 2017 and Ending Inventory on 12/31/2017? 2. What amount will be reported for the LIFO liquidation in the 12/31/2017 financial statement disclosures