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Higgins Corp. - Accounting for Inventory The LIFO inventory records of Higgins Corporation indicated the following at December 31, 2018: Units Cost per unit Total Cost Beginning inventory 1/1/18 7,500 $.90 $ 6,750 2,500 1.30 3,250 Purchases 3/2/18 10,500 7.00 73,500 9/30/18 13,500 7.00 94,500 Available for sale 34,000 $178,000 The company follows the periodic inventory method and assumes a LIFO cost flow assumption. An ending inventory revealed 7,000 units at December 31, 2018. The 27,000 units sold during the year were sold for $12 per unit. Assume selling, general and administrative expenses of $40,000 and a tax rate of 35%. Higgins prepares their financial statements annually on December 31. Assume LIFO reserve at 12/31/2017 was $60,000. 1. Prepare an income statement for the year ending December 31, 2018 under LIFO. 2. Calculate ending inventory to be reported on the balance sheet at December 31, 2018 under LIFO. 3. What is the current cost value of ending inventory at December 31, 2018