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

• Beginning Inventory: 1,800 units at $22 per unit
• Purchases:
  • March 1: 2,500 units at $24 per unit
  • July 1: 3,200 units at $26 per unit

• Sales:
  • 6,500 units sold during the year

• Ending Inventory: 1,800 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. Prepare PQR Ltd.’s income statement, balance sheet, and cash flow statement using the LIFO method. d. Discuss the specific disclosure requirements related to inventory valuation methods in PQR Ltd.’s financial statements. e. Analyze the impact of LIFO on PQR Ltd.’s compliance with accounting standards and regulations. f. Evaluate the transparency and reliability of financial reporting under LIFO compared to FIFO for PQR Ltd.