Exercise $8-22($Algo$)$ LIFO liquidation $[$LO$8-1,8-4,8-6]$

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\mathrm{.}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:

Calculate cost of goods sold for $2024.$

Calculate the effect of the use of LIFO on Income.

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Calculate cost of goods sold for $2024.$

Cost of goods sold