Question: Hello please help, I'm trying to solve but don't have enough check my works to keep trying. Problem 3-9 UFO liquidation [LOB-4, 3-6] Taylor Corporation

 Hello please help, I'm trying to solve but don't have enough

Hello please help, I'm trying to solve but don't have enough check my works to keep trying.

check my works to keep trying. Problem 3-9 UFO liquidation [LOB-4, 3-6]

Problem 3-9 UFO liquidation [LOB-4, 3-6] Taylor Corporation has used a periodic inventory system and the LIFO cost method since its inception in once. The company began 201 E with the following inventory layers {listed in chronological order of acquisition}: lascc units a sec szscpcc mass units a $25 4sr.5cc Beginning inventory 553?.500 During 21316. soccc units were purchased for $30 per unit. Due to unexpected demand for the company's product. 2016 sales totaled cacao units at various prices. leaving cacao units in ending inventory. Required: 1. Calculate cost ol goods sold lor2l11. l 2. Detennine the amount of LIFE} liquidation profit that the company must report in a disclosure note to its 2016 nancial statements. Assume an income tax rate of 35%. l 3. If the company decided to purchase an additional s,ccc units at can per unit at the end of the year, how much income tax currently payable would be saved? l

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