Question 15 Incorrect Mark 0.00 out of 1.00 P Flag question Computing and Analyzing a LIFO Liquidation Chide's storage facility was shut down due to a strike in December 2020, resulting in a drastic reduction in inventory. The company had switched to LIFO effective January 1, 2020. The following data are available. Chide is on a calendar-year reporting basis. Units Unit Cost Beginning inventory (Base layer of LIFO-January 1) 20,000 $1.00 Inventory purchases during 2020 450,000 $1.25 Total available for sale 470,000 Sales (valued on a LIFO basis) from: Purchases 450,000 $1.25 Base inventory layer 10,000 $1.00 Total 460,000 Ending inventory (December 31, 2020) 10,000 What is the LIFO liquidation after-tax profit or loss assuming a 25% tax rate? Note: Indicate a loss with a negative sign. $ (7,500) X Check