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):

20,000 units @ $20	$	400,000
25,000 units @ $25		625,000
Beginning inventory	$	1,025,000

During 2018, 50,000 units were purchased for $30 per unit. Due to unexpected demand for the company's product, 2018 sales totaled 61,000 units at various prices, leaving 34,000 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 11,000 units at $30 per unit at the end of the year, how much income tax currently payable would be saved?

1.	Cost of goods sold
2.	LIFO liquidation profit
3.	Income tax payable