E 8-18 FIFO, LIFO, and average cost methods 4 LO8-1, L08-4 A company began 2024 with 10,000 units of inventory on hand. The cost of each unit was $5.00. During 2024, an additional 30,000 units were purchased at a single unit cost, and 20,000 units remained on hand at the end of 2024 (20,000 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 $115,000. 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.)] 2. Determine the cost of goods sold for 2024 using the LIFO method