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) 10,000 units $15 15,000 units e $20 $150,000 300,000 $450,000 Beginning inventory During 2021, 30,000 units were purchased for $25 per unit. Due to unexpected demand for the company's product, 2021 sales totaled 40,000 units at various prices, leaving 15,000 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 10,000 units at $25 per unit at the end of the year, how much income tax currently payable would be saved? Answer is complete but not entirely correct. Cost of goods sold 1 $ 950,000 LIFO liquidation profit 30,000( $ 2. 20,000X Income tax payable $ 3