Taylor Corporation has used a periodic inventory system and the LIFO cost method since its inception in 2011. The company began 2018 with the following inventory layers (listed in chronological order of acquisition):

17,500 units @ $15	$	262,500
22,500 units @ $20		450,000
Beginning inventory	$	712,500

During 2018, 45,000 units were purchased for $25 per unit. Due to unexpected demand for the company's product, 2018 sales totaled 55,000 units at various prices, leaving 30,000 units in ending inventory. Required: 1. Calculate cost of goods sold for 2018. 2. Determine the amount of LIFO liquidation profit that the company must report in a disclosure note to its 2018 financial statements. Assume an income tax rate of 40%. 3. If the company decided to purchase an additional 10,000 units at $25 per unit at the end of the year, how much income tax currently payable would be saved?