The MegaMart Company began $2024$ with inventory of $18,000$ units at a cost of $$9$ per unit. During $2024,58,000$ units were purchased for $$10\mathrm{.}40$ each. Sales for the year totaled $66,000$ units leaving $10,000$ 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$\mathrm{.}10$

The MegaMart Company began $2024$ with inventory of $18,000$ units at a cost of $$9$ per unit. During $2024,58,000$ units were

purchased for $$10\mathrm{.}40$ each. Sales for the year totaled $66,000$ units leaving $10,000$ 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.

Complete this question by entering your answers in the tabs below.

Required $1$

Reyuired $2$

Calculate rost of goods sold for $2024.$

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