The Reuschel Company began 2021 with inventory of 14,000 units at a cost of $9 per unit. During 2021, 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 2021. Reuschel uses a periodic inventory system and the LIFO inventory cost method. Required: 1. Calculate cost of goods sold for 2021. 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 2021. Cost of goods sold The Reuschel Company began 2021 with inventory of 14,000 units at a cost of $9 per unit. During 2021, 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 2021. Reuschel uses a periodic inventory system and the LIFO inventory cost method. Required: 1. Calculate cost of goods sold for 2021. 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