Cansela Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2018 with inventory of 8,200 units of its only product. The beginning inventory balance of $124,600 consisted of the following layers 3,700 units at $13 per unit 4,500 units at $17 per unit Beginning inventory -$ 48,100 76.500 $124,600 During the three years 2018-2020, the cost of inventory remained constant at $19 per unit. Unit purchases and sales during these years were as follows Purchases 35,500 47,000 37,500 Sales 37,500 49,500 39,000 2018 2019 2020 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 3. Determine the effects of LIFO liquidation on cost of goods sold and net income for 2018, 2019, and 2020. Cansela's effective income tax rate is 40%. Cost of Goods Sold 2018 2019 2020 LIFO 2018 2019 2020 Net Income Cost of Goods Sold by by by by by by 2018 2019 2020