10 points Gray Company uses the periodic inventory system to account for inventories. Information related to Gray Company's inventory at October 31 is given below: October 1 Beginning inventory 400 units @ $9.80 = $ 3,920 8 Purchase 8,320 800 units @ $10.40 = 600 units @ $10.80 = 16 Purchase 6,480 24 Purchase 200 units @ $11.80 = 2.360 Total units and cost 6.000 units $21.080 Instructions Show computations to value the ending inventory using the FIFO cost assumption if 550 units remain on hand at October 31 II. Show computations to value the ending inventory using the weighted average cost method if 550 units remain on hand at October 31. III. Show computations to value the ending inventory using the LIFO cost assumption if 550 units remain on hand at October 31. IV. Which method reports higher income? Comment on your answer. {2.5*4=10 marks} 1 Add file