ABC Company employs the LIFO method for inventory valuation. As of December 31, 2023, their inventory situation was as follows: Beginning Inventory of 800 units valued at $15 per unit, with subsequent purchases on February 1 (1,500 units at $17 per unit) and June 1 (2,000 units at $19 per unit). During the year, they sold 3,000 units, leaving an Ending Inventory of 1,300 units.

a. Calculate the cost of goods sold (COGS) using the LIFO method for ABC Company. b. Determine the value of ending inventory using the LIFO method. c. Discuss how the LIFO method impacts ABC Company’s income tax liability. d. Analyze the impact of using LIFO on ABC Company’s financial statements compared to FIFO.