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 7,600 units of its only product. The beginning inventory balance of $94,000 consisted of the following layers: 3,100 units at $10 per unit 4,500 units at $14 per unit Beginning inventory = = $ 31,000 63,000 $ 94,000 During the three years 2021-2023 the cost of inventory remained constant at $16 per unit. Unit purchases and sales during these years were as follows: 2021 2022 2023 Purchases 26,500 35,000 28,500 Sales 28,500 37,500 29,800 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. 2021 2022 Cost of Goods Sold $ 428,000 X $ 554,000 X 446,400 X $ $ $ 2023 Required 1 Required 2 Required 3 Disregarding income tax, determine the LIFO liquidatic 2021 $ LIFO 4,000 profit 4,000 X profit 7,200 X profit $ 2022 2023 $ Required 1 Required 2 Required 3 Determine the effects of LIFO liquidation on cost of goods sold and net income for 2021, 2022, and 2 income tax rate is 25%. 2021 1,500 Cost of Goods Sold decreased by $ decreased by $ decreased by $ Net Income by $ $ by $ 2,000 increased 3,000 X increased 6,000 X increased 2022 by 2,250 X 4,500 2023