Exercise 8-22 (Algo) LIFO liquidation (LO8-1, 8-4, 8-6) The Reuschel Company began 2021 with inventory of 23.000 units at a cost of $6 per unit. During 2021. 63.000 units were purchased for $740 each. Sales for the year totaled 73,500 units leaving 12,500 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, 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 Required 2 > Exercise 8-22 (Algo) LIFO liquidation (LO8-1, 8-4, 8-6) The Reuschel Company began 2021 with inventory of 23,000 units at a cost of $6 per unit. During 2021, 63,000 units were purchased for $7.40 each. Sales for the year totaled 73,500 units leaving 12,500 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, 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