ABC Company employs the LIFO method for inventory valuation. For the fiscal year ended December 31, 2023, their inventory details were as follows: Beginning Inventory of 800 units at $15 per unit, with purchases on February 1 (1,500 units at $17 per unit) and June 1 (2,000 units at $19 per unit). Sales for the year totaled 3,000 units, leaving an ending inventory of 1,300 units.

• Calculate the cost of goods sold (COGS) using the LIFO method for ABC Company.
• Determine the value of ending inventory using the LIFO method.
• Discuss the specific impact of LIFO on ABC Company’s income tax liability.
• Analyze how ABC Company’s tax strategy is affected by using LIFO compared to FIFO.