Practice problems for an upcoming test on lifo, fifo and other inventory methods

Computing and Analyzing a LIFO Liquidation Chide's storage facility was shut down due to a strike in December 2020, resulting in a drastic reduction in inventory. The company had switched to LIFO effectivejanuary 1, 2020. The following data are available. Chide is on a calendar-year reporting basis. Beginning inventory (Base layer of LIFOJanuary 1) ' 60,000 $1.00 1,350,000 l 51.25 1,410,000 l Sales (valued on a LIFO basis) from: ' ' Inventory purchases during 2020 Total available for sale Purchases 1,350,000 l $1.25 Base inventory layer ' 30,000 ' $1.00 Total 1,380,000 Ending inventory (December 31,2020) 30,000 What is the LIFO liquidation aftertax profit or loss assuming a 25% tax rate? Note: Indicate a loss with a negative sign. $