7 | Shanrock Company uses the periodic inventory method and had the following inventory information available: 1/1 1/20 7/25 10/20 2. Beginning Inventory Purchase 3. Purchase 3 Purchase Units Unit Cost Answer the following independent questions. 100 % R 400 5 200 300 IL 1,000 $4 $6 A physical count of inventory on December 31 revealed that there were 400 units on hand. $7 C) $8 Total Cost Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is $400 Assume that the company uses the Average-Cost method. The value of the ending inventory on December 31 is Assume that the company uses the LIFO method. The value of the ending inventory Q Search 2,400 + 1,400 2,400 $6,600 JL 0 M $ $

A physical count of inventory on December 31 revealed that there were 400 units on hand. Answer the following independent questions: 1. Assume that the company uses the FIFO method. The value of the ending imventory at December 31 is 2. Assume that the company uses the Average-Cost method. The value of the ending inventory on December 31 is 3. Assume that the company uses the LIFO method. The value of the ending inventory 1. Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is 2. Assume that the company uses the Average-Cost method. The value of the ending inventory on December 31 is 3. Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is 4. (a) Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method