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Required information [The following information applies to the questions displayed below.] A company began 2024 with 26,000 units of inventory on hand. The cost of each unit was $5.00. During 2024, an additional 46,000 units were purchased at a single unit cost, and 36,000 units remained on hand at the end of 2024 (36,000 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 $221,400. The company is interested in determining what cost of goods sold would have been if the FIFO or LIFO methods were used. Determine the cost of goods sold for 2024 using the FIFO method. [Hint: Determine the cost per unit of 2024 purchases.] Required: Note: Do not round intermediate calculations