The MegaMart Company began $2024$ with inventory of $19,000$ units at a cost of $$6$ per unit. During $2024,59,000$ units were purchased for $$7\mathrm{.}20$ each. Sales for the year totaled $67,500$ units leaving $10,500$ 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.