The Reuschel Company began 2021 with inventory of 17,000 units at a cost of $8 per unit During 2021, 57000 units were purchased for $9.30 each. Sales for the year totaled 64,500 units leaving 9,500 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. ances The effect of the LIFO layer liquidation is to increase income by