Required information Exercise 8-18 (Algo) FIFO, LIFO, and average cost methods [LO8-1,8-41 The following information applies to the questions displayed below) Causwell Company began 2021 with 28,000 units of inventory on hand. The cost of each unit was $4.00. During 2021 an additional 48,000 units were purchased at a single unit cost, and 38,000 units remained on hand at the end of 2021 (38,000 units therefore were sold during 2021). Causwell uses a periodic inventory system. Cost of goods sold for 2021. applying the average cost method, is $174.800. 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 1 (Do not round intermediate calculations.) FIFO cost of goods sold Exercise 8-18 (Algo) FIFO, LIFO, and average cost methods [LO8-1, 8-4) The following information applies to the questions displayed below) Causwell Company began 2021 with 28.000 units of inventory on hand. The cost of each unit was $4.00. During 2021 an additional 48,000 units were purchased at a single unit cost, and 38,000 units remained on hand at the end of 2021 38.000 units therefore were sold during 2021). Causwell uses a periodic inventory system. Cost of goods sold for 2021 applying the average cost method, is $174.800. 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 2 Required 2. Determine the cost of goods sold for 2021 using the LIFO method. (Do not round intermediate calculations.) UFO cost old sold