The MegaMart Company began $2024$ with inventory of $14,000$ units at a cost of $$9$ per unit. During $2024,54,000$ units were purchased for $$10\mathrm{.}90$ each. Sales for the year totaled $60,000$ units leaving $8,000$ 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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Calculate cost of goods sold for $2024.$

Cost of goods sold