1. ABC Company uses the LIFO method for inventory valuation. For the year ended December 31, 2023, the following information is provided:

Inventory Details	Units	Cost per Unit ($)
Beginning Inventory	800	$15.00
Purchases
- February 1	1,500	$17.00
- June 1	2,000	$19.00
Sales
- Units Sold	3,000
Ending Inventory	1,300

1. 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 affects ABC Company’s income tax liability. d. Analyze the impact of using LIFO on ABC Company’s financial statements compared to FIFO.