ABC Company, utilizing the LIFO method for inventory valuation, reported the following for the fiscal year ended December 31, 2023: Beginning Inventory of 800 units at $15 per unit, with additional purchases on February 1 (1,500 units at $17 per unit) and June 1 (2,000 units at $19 per unit). Throughout the year, they sold 3,000 units, resulting in 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 how ABC Company’s choice of LIFO impacts its tax obligations.
• Analyze the financial statement impact of LIFO versus FIFO for ABC Company.