se 9-60 zing and ng a LIFO Jon LO7 Southeast Inc. has maintained a periodic inventory system and the LIFO inventory method for over 20 year The earliest layer of LIFO inventory of 30,000 units dates back 15 years. The company had beginning inventen (January 1, 2020) made up of the following three layers. Units Unit Cost Total Cost 30,000 $20.00 $ 600,000 25,000 25.00 625,000 5,000 50.00 250,000 $1,475,000 At its December 31 year-end, an involuntary liquidation of beginning inventory occurred. Beginning inventory dropped to 40,000 units. The current replacement value of inventory is $50. Required What is the effect of the LIFO liquidation on after-tax profit or loss assuming a 25% tax rate? b. What disclosure is required based on the answer to part a? a