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caterpillar, Incorporated, is one of the world's largest manufacturers of construction he MegaMart Company began...

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Accounting

caterpillar, Incorporated, is one of the world's largest manufacturers of construction he MegaMart Company began 2024 with inventory of 11,000 units at a cost of $6 per unit. During 2024,51,000 units were purchased for $7.60 each. Sales for the year totaled 55,500 units leaving 6,500 units on hand at the end of 2024. MegaMart uses a periodic inventory system and the LIFO inventory cost method. Required: Calculate cost of goods sold for 2024. Calculate the effect of the use of LIFO on Income.

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