Cansela Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2018 with inventory of 7,200 units of its only product. The beginning inventory balance of $116,800 consisted of the following layers 3,200 units at $14 per unit 4,000 units at $18 per unit Beginning inventory $ 44,800 -72,ee0 $116,808 During the three years 2018-2020, the cost of inventory remained constant at $20 per unit. Unit purchases and sales during these years were as follows Purchases Sales 29,000 40,0ee 31,500 2018 2019 2020 28,000 37,000 30,000 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. 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 35%