Question: Exercise 8 - 2 2 ( Algo ) LIFO liquidation [ LO 8 - 1 , 8 - 4 , 8 - 6 ] The

Exercise 8-22(Algo) LIFO liquidation [LO8-1,8-4,8-6]
The MegaMart Company began 2024 with inventory of 28,000 units at a cost of $7 per unit. During 2024,68,000 units were purchased for $8.80 each. Sales for the year totaled 81,000 units leaving 15,000 units on hand at the end of 2024. MegaMart uses a periodic inventory system and the LIFO inventory cost method.
Required:
Calculate cost of goods sold for 2024.
Calculate the effect of the use of LIFO on Income.

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