In 2020, Gail changed from the lower of cost or market FIFO method to the LIFO inventory method. The ending inventory for 2019 was: (attached table) Item C was damaged goods, and the replacement cost used was actually the esti- mated selling price of the goods. The actual cost to replace item C was $32,000. What is the correct beginning inventory for 2020 under the LIFO method? What immediate tax consequences (if any) will result from the switch to LIFO?

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