Homework i Saved Help Save & Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion Return The Reuschel Company began 2021 with inventory of 25,000 units at a cost of $8 per unit During 2021, 65,000 units were purchased for $10.30 each. Sales for the year totaled 76,500 units leaving 13,500 units on hand at the end of 2021. Reuschel uses a periodic inventory system and the LIFO inventory cost method. Required: 1. Calculate cost of goods sold for 2021. 2. Calculate the effect of the use of LIFO on Income. x Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the effect of the use of LIFO on Income