inventory of 7,600 units of its only product. The beginning inventory balance of $107,200 consisted of the following layers 3,600 units at $12 per unit 4,000 units at $16 per unit Beginning inventory -$43,200 - 64,000 $107,200 During the three years 2018-2020, the cost of inventory remained constant at $18 per unit. Unit purchases and sales during these years were as follows Purchases 34,000 45,000 36,000 Sales 35, 500 47,500 37,400 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 35%