Cansela Corporation reports inventory and cost of goods sold based on calculations from a LIFO periodic inventory system. The company began $2024$ with inventory of $9,000$ units of its only product. The beginning inventory balance of $$128,000$ consisted of the following layers:

$4,000$ units at $$12$ per unit $=$ $ $48,000$

$5,000$ units at $$16$ per unit $=80,000$

Beginning inventory $ $128,000$

During the three years $20242026,$ the cost of inventory remained constant at $$18$ per unit. Unit purchases and sales during these years were as follows:

Purchases Sales

$202440,00042,000$

$202553,00056,000$

$202642,00043,200$

Required:

Calculate cost of goods sold for $2024,2025,$ and $2026.$

Disregarding income tax, determine the LIFO liquidation profit or loss, if any, for each of the three years.

Determine the effects of LIFO liquidation on cost of goods sold and net income for $2024,2025,$ and $2026.$ Cansela$$s effective income tax rate is $25\%.$