A company began the year with inventory of 15,000 units at a cost of $6 per...

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A company began the year with inventory of 15,000 units at a cost of $6 per unit. During the year, 55,000 units were purchased for $8.00 each. Sales for the year totaled 61,500 units leaving 8,500 units on hand at the end of the year. The company uses a periodic inventory system and the LIFO inventory cost method. Required: 1. Calculate cost of goods sold for the year. 2. Calculate the effect of the use of LIFO on Income. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate cost of goods sold for the year. Cost of goods sold < Required 1 Required 2 > A company began the year with inventory of 15,000 units at a cost of $6 per unit. During the year, 55,000 units were purchased for $8.00 each. Sales for the year totaled 61,500 units leaving 8,500 units on hand at the end of the year. The company uses a periodic inventory system and the LIFO inventory cost method. Required: 1. Calculate cost of goods sold for the year. 2. Calculate the effect of the use of LIFO on Income. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate cost of goods sold for the year. Cost of goods sold < Required 1 Required 2 >