The MegaMart Company began 2024 with inventory of 20,000 units at a cost of $7 per...

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The MegaMart Company began 2024 with inventory of 20,000 units at a cost of $7 per unit. During 2024, 60,000 units were purchased for $8.35 each. Sales for the year totaled 69,000 units leaving 11,000 units on hand at the end of 2024. MegaMart uses a periodic inventory system and the LIFO inventory cost method. Required: 1. Calculate cost of goods sold for 2024. 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 the effect of the use of LIFO on Income. The effect of the LIFO layer liquidation is to income by The MegaMart Company began 2024 with inventory of 20,000 units at a cost of $7 per unit. During 2024, 60,000 units were purchased for $8.35 each. Sales for the year totaled 69,000 units leaving 11,000 units on hand at the end of 2024. MegaMart uses a periodic inventory system and the LIFO inventory cost method. Required: 1. Calculate cost of goods sold for 2024. 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 the effect of the use of LIFO on Income. The effect of the LIFO layer liquidation is to income by