The Foxworthy Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product.

Beginning inventory of 40,000 units consisted of the following, listed in chronological order of acquisition:

24,000 units at a cost of $6.00 per unit = $144,000

16,000 units at a cost of $7.00 per unit =112,000

During 2019, inventory quantity declined by 19,000 units. All units purchased during 2016 cost $8.00 per unit.

1c. Calculate the before-tax LIFO liquidation profit or loss that the company would report in a disclosure note, assuming the amount determined is material.

1d. What was the impact on Foxworthys tax bill, if the effective tax rate was 25%?

1e. If Foxworthy had used FIFO instead, what would cost of goods sold have been? 1f. Assuming the same level of sales and operating expenses, would Foxworthy have paid more or less tax under FIFO? (show me how much more or lesscomputations!