Exercise 8-17 FIFO, LIFO, and average cost methods [LO8-1, 8-4] Causwell Company began 2018 with 12,000 units of inventory on hand. The cost of each unit was $5.00. During 2018 an additional 32,000 units were purchased at a single unit cost, and 22,000 units remained on hand at the end of 2018 (22,000 units therefore were sold during 2018). Causwell uses a periodic inventory system. Cost of goods sold for 2018, applying the average cost method, is $118,800. 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 2018 using the FIFO method. [Hint: Determine the cost per unit of 2018 purchases.] 2. Determine the cost of goods sold for 2018 using the LIFO method. (Do not round intermediate calculations.) FIFO cost of goods sold LIFO cost of goods sold