Required information [The following information applies to the questions displayed below.] A company began 2024 with 30,000 units of inventory on hand. The cost of each unit was $5.00. During 2024, an additional 50,000 units were purchased at a single unit cost, and 40,000 units remained on hand at the end of 2024 (40,000 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 $224,000. 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 for 2024 using the LIFO method. Note: Do not round intermediate calculations. Answer is complete but not entirely correct