LMN Ltd. uses the LIFO method for inventory costing. For the fiscal year ended December 31, 2023, the following information is available:

• Beginning Inventory: 1,000 units at $20 per unit
• Purchases:
  • April 1: 2,000 units at $22 per unit
  • July 1: 1,500 units at $24 per unit

• Sales:
  • 3,200 units sold during the year

• Ending Inventory: 1,300 units

a. Calculate the cost of goods sold (COGS) using the LIFO method. b. Determine the value of ending inventory using the LIFO method. c. Discuss how the LIFO method protects against rising costs during periods of inflation. d. Analyze the impact of inflation on financial statements when using LIFO compared to FIFO.