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Bettencourt Clothing Corporation uses a periodic inventory system and the LIFO cost method. The company...

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Bettencourt Clothing Corporation uses a periodic inventory system and the LIFO cost method. The company began 2021 with the following inventory layers listed in chronological order of acquisition) 5,000 units @ 10 per unit 3,000 units 12 per unit Beginning inventory $50,000 96,000 $146,000 During 2021, 20,000 units were purchased for $15 per unit Sales for the year totaled 30,000 units at various prices, leaving 3,000 units in ending Inventory Required: 1. Calculate cost of goods sold for 2021 2. Determine the amount of LIFO liquidation profit that the company must report in a disclosure note to its 2021 financial statements, assuming the amount is material Assume an income tax rate of 25% Cost of goods sold LIFO liquidation profit

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