The MegaMart Company began 2024 with inventory of 27,000 units at a cost of $6 per unit. During 2024, 67,000 units were purchased for $7.60 each. Sales for the year totaled 79,500 units leaving 14,500 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.