Bettencourt Clothing Corporation uses a periodic inventory system and the LIFO cost method. The company began 2021 with the following inventory layers (listed in chronological order of acquisition): 5,000 units @ $10 per unit $50,000 8,000 units @ $12 per unit 96,000 Beginning inventory $146,000

During 2021, 20,000 units were purchased for $15 per unit. Sales for the year totaled 30,000 units at various prices, leaving 3,000 units in ending inventory. Required: a. Calculate cost of goods sold for 2021. b. Determine the amount of LIFO liquidation profit that the company must report in a disclosure note to its 2021 financial statements, assuming the amount is material. Assume an income tax rate of 25%.