Need help with reqmnt 2 and 3

N _ https://ezto.mheat javed Apply: Homework [due day 7] i Taylor Corporation reports inventory and cost of goods sold based on calculations from a LIFO periodic inventory system. The company's records under this system reveal the following inventory layers at the beginning of 2021 (listed in chronological order of acquisition): 16, 500 units @ $10 $ 165, 006 21, 500 units @ $15 322, 500 Beginning inventory $ 487, 500 ook During 2021, 43,000 units were purchased for $20 per unit. Due to unexpected demand for the company's product, 2021 sales totaled 53,000 units at various prices, leaving 28,000 units in ending inventory. Required: 1. Calculate the amount to report for cost of goods sold for 2021. ence 2. Determine the amount of LIFO liquidation profit that the company must report in a disclosure note to its 2021 financial statements. Assume an income tax rate of 25%. 3. If the company decided to purchase an additional 10,000 units at $20 per unit at the end of the year, how much income tax currently payable would be saved? 1. Cost of goods sold $ 1,010,000 12. LIFO liquidation profit Income tax payable