The Reuschel Company began 2016 with inventory of 28,000 units at a cost of $7 per unit During 2016, 68,000 units were purchased for $8.80 each. Sales for the year totaled 81,000 units leaving 15,000 units on hand at the end of 2016. Reuschel uses a periodic inventory system and the LIFO inventory cost method. Required: 1. Calculate cost of goods sold for 2016. Cost of goods Sold 2. Calculate the effect of the LIFO on the income. The effect of the LIFO layer liquidation is to income by