### Cansela corporation uses a periodic inventory system and

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Cansela Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2013 with inventory of 7,900 units of its only product. The beginning inventory balance of \$112,800 consisted of the following layers:

3,400 units at \$12 per unit = \$ 40,800
4,500 units at \$16 per unit =
72,000

\$

112,800

During the three years 2013-2015 the cost of inventory remained constant at \$18 per unit. Unit purchases and sales during these years were as follows:

 Purchases Sales 2013 31,000 33,000 2014 41,000 43,500 2015 33,000 34,000

Required:

 1 Calculate cost of goods sold for 2013, 2014, and 2015.
 2 Disregarding income tax, determine the LIFO liquidation profit or loss, if any, for each of the three years.
 3 Determine the effects of LIFO liquidation on cost of goods sold and net income for 2013, 2014, and 2015. Cansela's effective income tax rate is 45%.

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