UVW Corporation uses the LIFO method for inventory valuation. For the year ended December 31, 2023, the following data is provided:

• Beginning Inventory: 1,500 units at $18 per unit
• Purchases:
  • March 1: 2,000 units at $20 per unit
  • August 1: 2,500 units at $22 per unit

• Sales:
  • 4,500 units sold during the year

• Ending Inventory: 1,500 units

a. Calculate the cost of goods sold (COGS) using the LIFO method. b. Determine the value of ending inventory using the LIFO method. c. Prepare UVW Corporation’s income statement showing gross profit using the LIFO method. d. Explain how the use of LIFO impacts the presentation of UVW Corporation’s balance sheet compared to FIFO.