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A company began 2024 with 13,000 units of inventory on hand. The cost of each...

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Accounting

A company began 2024 with 13,000 units of inventory on hand. The cost of each unit was $6.00. During 2024, an additional 30,000 units were purchased at a single unit cost, and 23,000 units remained on hand at the end of 2024(20,000 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 $150,000. 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 2024 using the FIFO method. [Hint: Determine the cost per unit of 2024 purchases.]
Note: Do not round intermediate calculations.

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