Taylor Corporation has used a periodic inventory system and the LIFO cost method since its inception in 2009. The company began 2016 with the following inventory layers (listed in chronological order of acquisition):

15,500 units @ $20	$	310,000
20,500 units @ $25		512,500
Beginning inventory	$	822,500

During 2016, 41,000 units were purchased for $30 per unit. Due to unexpected demand for the company's product, 2016 sales totaled 49,000 units at various prices, leaving 28,000 units in ending inventory.

Required:
1.	Calculate cost of goods sold for 2016.

2.	Determine the amount of LIFO liquidation profit that the company must report in a disclosure note to its 2016 financial statements. Assume an income tax rate of 40%.

3.	If the company decided to purchase an additional 8,000 units at $30 per unit at the end of the year, how much income tax currently payable would be saved?