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Question - The Reuschel Company began 2021 with inventory of 17,000 units at a cost of $8 per unit. During 2021, 57,000 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.
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