Causwell Company began 2013 with 10,000 units of inventory on hand. The cost of each unit was $5.00. During 2013 an additional 30,000 units were purchased at a single unit cost, and 20,000 units remained on hand at the end of 2013 (20,000 units therefore were sold during 2013). Causwell uses a periodic inventory system. Cost of goods sold for 2013, applying the average cost method, is $115,000. 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 2013 using the FIFO method.

2. Determine the cost of goods sold for 2013 using the LIFO method.