2. the effect of lifo liquadation increases by

The Reuschel Company began 2021 with inventory of 21,000 units at a cost of $8 per unit. During 2021, 61,000 units were purchased for $9.95 each. Sales for the year totaled 70,500 units leaving 11,500 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 not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate cost of goods sold for 2021. Cost of goods sold $ 82,000 X Sci