The MegaMart Company began $2024$ with inventory of $11,000$ units at a cost of $$6$ per unit. During $2024,51,000$ units were purchased for $$7\mathrm{.}60$ each. Sales for the year totaled $55,500$ units leaving $6,500$ 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.