A company began 2024 with 17,000 units of inventory on hand. The cost of each unit was $5.00. During 2024, an additional 35,000 units were purchased at a single unit cost, and 27,000 units remained on hand at the end of 2024 (25,000 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 $142,500. The company is interested in determining what cost of goods sold would have been if the FIFO or LIFO methods were used.

1. Determine the cost of goods sold for 2024 using FIFO method. (Hint: Determine the cost per unit of 2024 purchases)