The MegaMart Company began $2024$ with inventory of $30,000$ units at a cost of $$9$ per unit. During $2024,70,000$ units were purchased for $$10\mathrm{.}30$ each. Sales for the year totaled $84,000$ units leaving $16,000$ 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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Required $2$

Calculate the effect of the use of LIFO on Income.

The effect of the LIFO layer liquidation is to

increase income by