company reports inventory and cost of goods sold based on calculations from a LIFO periodic...
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company reports inventory and cost of goods sold based on calculations from a LIFO periodic inventory system. The company's cords under this system reveal the following inventory layers at the beginning of 2024 (listed in chronological order of acquisition): During 2024, 48,000 units were purchased for $25 per unit. Due to unexpected demand for the company's product, 2024 sales otaled 59,000 units at various prices, leaving 32,000 units in ending inventory. Required: 1. Calculate the amount to report for cost of goods sold for 2024 . 2. Determine the amount of LIFO liquidation profit that the company must report in a disclosure note to its 2024 financial statements. Assume an income tax rate of 25%. 3. If the company decided to purchase an additional 11,000 units at $25 per unit at the end of the year, how much income tax currently payable would be saved
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