ABC Company, opting for the LIFO method for inventory valuation, disclosed the following for the year ended December 31, 2023: 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 totaled 3,000 units, resulting in an ending inventory of 1,300 units.

• Compute the cost of goods sold (COGS) using the LIFO method for ABC Company.
• Determine the value of ending inventory using the LIFO method.
• Discuss how the LIFO method influences ABC Company’s income tax liability.
• Analyze the financial statement impact of using LIFO compared to FIFO for ABC Company.