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 acquisition): 14,000 units @ $20 19,000 units @ $25 Beginning inventory $280,000 475,000 $755,000 During 2021, 38,000 units were purchased for $30 per unit. Due to unexpected demand for the company's product, 2021 sales totaled 47,000 units at various prices, leaving 24,000 units in ending inventory. Required: 1. Calculate the amount to report for cost of goods sold for 2021. 2. Determine the amount of LIFO liquidation profit that the company must report in a disclosure note to its 2021 financial statements. Assume an income tax rate of 25%. 3. If the company decided to purchase an additional 9,000 units at $30 per unit at the end of the year, how much income tax currently payable would be saved? 1. 2. Cost of goods sold LIFO liquidation profit Income tax payable 3