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Problem 8-9 (Static) LIFO liquidation (LO8-4, 8-6] 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): 10,000 units @ $15 15,000 units @ $20 Beginning inventory $ 150,000 300,000 $ 450,000 During 2021, 30,000 units were purchased for $25 per unit. Due to unexpected demand for the company's product, 2021 sales totaled 40,000 units at various prices, leaving 15,000 units in ending inventory. Required: 1. Calculate the amount to report for cost of goods sold for 2021. 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 $25 per unit at the end of the year, how much income tax currently payable would be saved? 1. Cost of goods sold 2. LIFO liquidation profit 3. Income tax payable On January 1, 2021, the Taylor Company adopted the dollar-value LIFO method. The Inventory value for its one Inventory pool on this date was $400,000. Inventory data for 2021 through 2023 are as follows: Date 12/31/2021 12/31/2022 12/31/2023 Ending Inventory at Year-End Costs $441, eee 487,200 510, eee Cost Index 1.85 1.12 1.20 Required: Calculate Taylor's ending Inventory for 2021, 2022, and 2023. Inventory Layers Converted to Base Year Cost Inventory Layers Converted to Cost Inventory DVL Cost Date Inventory at Year-End Cost Year-End Cost Index Inventory Layers at Base Year Cost Inventory Layers at Base Year Cost Year-End Cost Index Inventory Layers Converted to Cost 01/01/2021 12/31/2021 Base Base 2021 12/31/2022 Base 2021 2022 12/31/2023 Base 2021 2022 2023