Cansela Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2013 with inventory of 6,100 units of its only product. The beginning inventory balance of $87,200 consisted of the following layers: 2,600 units at $12 per unit = $ 31,200 3,500 units at $16 per unit = 56,000 $ 87,200 During the three years 20132015 the cost of inventory remained constant at $18 per unit. Unit purchases and sales during these years were as follows: Purchases Sales 2013 19,000 20,000 2014 25,000 27,500 2015 21,000 22,000 Required: 1. Calculate cost of goods sold for 2013, 2014, and 2015. Year- COGS 2013 ? 2014 ? 2015 ? 2. Disregarding income tax, determine the LIFO liquidation profit or loss, if any, for each of the three years. LIFO Liquidation 2013 ? ? 2014 ? ? 2015 ? ? 3. Determine the effects of LIFO liquidation on cost of goods sold and net income for 2013, 2014, and 2015. Canselas effective income tax rate is 30%. COSG NI 2013 ? by ? ? by ? 2014 ? by ? ? by ? 2015 ? by ? ? by