The MegaMart Company began 2024 with inventory of 22,000 units at a cost of $9 per unit. During 2024, 62,000 units were purchased for $1015 each. Sales for the year totaled 72,000 units leaving 12,000 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. Required 1 Required 2 Calculate the effect of the use of LIFO on Income.

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To solve this problem lets break it down step by step 1 Calculate cost of goods sold COGS for 2024 u... View the full answer