LUULJ MULHUILdle Completion, Rount Required information Exercise 8-18 (Algo) FIFO, LIFO, and average cost methods (LOB-1, 8-4) (The following information applies to the questions displayed below. Causwell Company began 2021 with 23,000 units of inventory on hand. The cost of each unit was $5.00. During 2021 an additional 40,000 units were purchased at a single unit cost, and 33,000 units remained on hand at the end of 2021 (30,000 units therefore were sold during 2021). Causwell uses a periodic inventory system. Cost of goods sold for 2021 applying the average cost method, is $174,000. The company is interested in determining what cost of goods sold would have been if the FIFO or LIFO methods were used. Exercise 8-18 (Algo) Part 1 Required: 1. Determine the cost of goods sold for 2021 using the FIFO method. (Hint: Determine the cost per unit of 2021 purchases. (Do not round Intermediate calculations.) Answer is complete but not entirely correct. FIFO cost of goods sold 174,920 &