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): 10,000 units @ $15 $150,000 15,000 units @ $20 300,000 Beginning inventory $450,000 During 2016, 30,000 units were purchased for $25 per unit. Due to unexpected demand for the company's prod- uct, 2016 sales totaled 40,000 units at various prices, leaving 15,000 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 10,000 units at $25 per unit at the end of the year, how much income tax currently payable would be saved