The MegaMart Company began $2024$ with Inventory of $16,000$ units at a cost of $$7$ per unlt. During $2024,56,000$ units were

purchased for $$8\mathrm{.}20$ each. Sales for the year totaled $63,000$ units leaving $9,000$ units on hand at the end of $2024.$ MegaMart uses a

perlodic 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 the effect of the use of LIFO on Income.

COGS$=508,200$