The Reuschel Company began 2018 with Inventory of 14,000 units at a cost of $9 per unit During 2018, 54,000 units were purchased for $10.90 each. Sales for the year totaled 60,000 units leaving 8,000 units on hand at the end of 2018. Reuschel uses a periodic Inventory system and the LIFO Inventory cost method. Required 1. Calculate cost of goods sold for 2018. 2. Calculate the effect of the LIFO on the Income. Complete this question by entering your answers in the tabs below Required 1Required 2 Calculate the effect of the LIFO on the income The effect of the LIFO layer liquidation is to income by Required 1