Question 7 Incorrect Print Videos Mark 0.00 out of 200 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 UFO-January 1) 12.000 51.00 Inventory purchases during 2020 270.000 51.25 Total available for sale 282,000 Sales (vloed on a UFO basis) from Purchases 270.000 51.25 Base Inventory layer 6.000 $1.00 Total 276.000 Ending inventory December 31, 2020) 000 What is the LIFO liquidation after tax profit or loss assuming a 25% tax rate? Note: Indicate a loss with a negative sign $ 1.500 X Check