The Reuschel Company began 2021 with inventory of 22,000 units at a cost of $9 per unit. During 2021, 62,000 units were purchased for $10.15 each. Sales for the year totaled 72,000 units leaving 12,000 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 22,000 units at a cost of $9 per unit. During 2021, 62 for $10.15 each. Sales for the year totaled 72,000 units leaving 12,000 units on hand at the end of 2021. Reu 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