1. Cansela Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2018 with inventory of 4,500 units of its only product. The beginning inventory balance of $64,000 consisted of the following layers:

2,000 units at $12 per unit	=	$	24,000
2,500 units at $16 per unit	=		40,000
Beginning inventory		$	64,000

During the three years 20182020, the cost of inventory remained constant at $18 per unit. Unit purchases and sales during these years were as follows:

	Purchases	Sales
2018	10,000	11,000
2019	13,000	14,500
2020	12,000	13,000

Required: 1. Calculate cost of goods sold for 2018, 2019, and 2020. 2. Disregarding income tax, determine the LIFO liquidation profit or loss, if any, for each of the three years.