Problem 8-9 (Algo) LIFO liquidation [LO8-4, 8-6) Tavlor 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) 11,500 units @ $15 16,500 units @ $20 Beginning inventory $172,500 330,000 $502,500 During 2021, 33,000 units were purchased for $25 per unit. Due to unexpected demand for the company's product, 2021 sales totaled 41,000 units at various prices, leaving 20,000 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 8,000 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