A company began 2024 with 18,000 units of inventory on hand. The cost of each unit was $5.00. During 2024, an additional 38,000 units were purchased at a single unit cost, and 28,000 units remained on hand at the end of 2024 (28,000 units therefore were sold during 2024). The company uses a periodic inventory system. Cost of goods sold for 2024, applying the average cost method, is $166,600. The company is interested in determining what cost of goods sold would have been if the FIFO or LIFO methods were used.

Required:

1. Determine the cost of goods sold for 2024 using the FIFO method. [Hint: Determine the cost per unit of 2024 purchases.]

FIFO cost of goods sold: