Cansela Corporation reports inventory and cost of goods sold based on calculations from a LIFO periodic inventory system. The company began 2021 with inventory of 7,000 units of its only product. The beginning inventory balance of $114,000 consisted of the following layers: = 3,000 units at $14 per unit 4,000 units at $18 per unit Beginning inventory = $ 42,000 72,000 $114,000 During the three years 20212023 the cost of inventory remained constant at $20 per unit. Unit purchases and sales during these years were as follows: 2021 2022 2023 Purchases 25,000 33,000 27,000 Sales 26,500 35,500 28,500 Required: 1. Calculate cost of goods sold for 2021, 2022, and 2023. 2. Disregarding income tax, determine the LIFO liquidation profit or loss, if any, for each of the three years. 3. Determine the effects of LIFO liquidation on cost of goods sold and net income for 2021, 2022, and 2023. Cansela's effective income tax rate is 25%. Required 1 Required 2 Required 3 Calculate cost of goods sold for 2021, 2022, and 2023. Cost of Goods Sold 2021 2022 2023 Required 1 Required 2 Required 3 Disregarding income tax, determine the LIFO liquidation profit or loss, if any, for each of the three years. LIFO 2021 2022 2023