Bettencourt Clothing Corporation Uses a Periodic Inventory System and the LIFO

Bettencourt Clothing Corporation uses a periodic inventory system and the LIFO cost method. The company began 2009 with the following inventory layers (listed in chronological order of acquisition):
During 2009, 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 2009.
2. Determine the amount of LIFO liquidation profit that the company must report in a disclosure note to its 2009 financial statements, assuming the amount is material. Assume an income tax rate of 40%.
$$\begin{array} { c r } 5,000 \text { units @ } \$ 10 & \$ 50,000 \\8,000 \text { units @ } \$ 12 & 96,000 \\\text { Beginning inventory } & \$ 146,000 \\\hline\end{array}$$