Taylor Corporation reports inventory and cost of goods sold based on calculations from a LIFO periodic inventory system. The company's records under this system reveal the following inventory layers at the beginning of 2021 [listed in chronological order of acqu isition): 15,500 units 0 $10 $155,000 21,500 units 0 $15 322,500 Beginning inventory $ 487,500 During 2021, 43,000 units were purchased for $20 per unit Due to unexpected demand for the company's product, 2021 sales totaled 53,000 units at various prices. leaving 28,000 units in ending inventory. Required: 1. Calculate the amount to report for cost of goods sold for 2021. 1 Determine the amount of LIFO liquidation prot that the company must report in a disclosure note to its 2021 nancial statements. Assume an income tax rate of 25%. 3. If the company decided to purchase an additional 10,000 units at $20 per unit at the end of the year, how much income tax currently payable would be saved? Cost of goods sold LIFO liquidation prot Income tax payable