Required information The following information applies to the questions displayed below.) Causwell Company began 2021 with 11,000 units of inventory on hand. The cost of each unit was $4.00. During 2021 an additional 35,000 units were purchased at a single unit cost and 21,000 units remained on hand at the end of 2021 (25,000 units therefore were sold during 2021). Causwell uses a periodic inventory system. Cost of goods sold for 2021, applying the average cost method, is $108,750. 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 2021 using the FIFO method. (Hint: Determine the cost per unit of 2021 purchases.) (Do not round intermediate calculations.) FIFO cost of goods sold