Computing and Analyzing a LIFO Liquidation

Chide Inc. changed its inventory method to LIFO effective January $1.$ During December, Chide's storage facility was shut down due to a strike resulting in a drastic reduction in inventory. The following data are available.

$\backslash$table$[[,$Units,Unit$],[$Beginning inventory $($Base layer of LIFO$-$January $1),40,000,$$$1\mathrm{.}00$