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Bailey Co. uses LIFO for its financial reporting. The company began 2021 with the following layers in its inventory: 2019: 700 units @ $25 2020:

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Bailey Co. uses LIFO for its financial reporting. The company began 2021 with the following layers in its inventory: 2019: 700 units @ $25 2020: 400 units @ $26 During 2021, another 500 units were purchased at $27. Sales for the year totaled 800 units. Bailey's tax rate is 20%. Bailey's LIFO Liquidation profit is: $1,045 $300 $240 $255

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