The MegaMart Company began 2024 with inventory of 20,000 units at a cost of $7 per unit. During 2024, 60,000 units were purchased for $8.35 each. Sales for the year totaled 69,000 units leaving 11,000 units on hand at the end of 2024. MegaMart uses a periodic inventory system and the LIFO inventory cost method. Required: 1. Calculate cost of goods sold for 2024. 2. Calculate the effect of the use of LIFO on Income. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate cost of goods sold for 2024. Cost of goods sold The MegaMart Company began 2024 with inventory of 20,000 units at a cost of $7 per unit. During 2024, 60,000 units were purchased for $8.35 each. Sales for the year totaled 69,000 units leaving 11,000 units on hand at the end of 2024. MegaMart uses a periodic inventory system and the LIFO inventory cost method. Required: 1. Calculate cost of goods sold for 2024. 2. Calculate the effect of the use of LIFO on Income. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the effect of the use of LIFO on Income. The effect of the LIFO layer liquidation is to income by