Required information [The following information applies to the questions displayed below.] A company began the year with 28,000 units of inventory on hand. The cost of each unit was $4.00. During the year, an additional 48,000 units were purchased at a single unit cost, and 38,000 units remained on hand at the end of the year (38,000 units therefore were sold during the year). The company uses a periodic inventory system. Cost of goods sold for the year, 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. Required: 2. Determine the cost of goods sold using the LIFO method. Note: Do not round intermediate calculations. LIFO cost of goods sold