Ayayai Company uses the periodic inventory method and had the following inventory information available: Units 80 1/1 1/20 7/25 10/20 Beginning Inventory Purchase Purchase Purchase 400 80 240 Unit Cost $4 $5 $7 $8 Total Cost $320 2,000 560 1,920 $4,800 800 A physical count of inventory on December 31 revealed that there were 280 units on hand. Answer the following independent questions. (Round average cost per unit to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 2,520.) 1. $ 2. $ 1680 3. Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is Assume that the company uses the average cost method. The value of the ending inventory on mbe 31 is Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is 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 Would income have been greater or less? $ 4.(a) $ 4. (b) Martinez Company's inventory records show the following data for the month of September: Units Unit Cost 110 $3.00 Inventory, September 1 Purchases: September 8 September 18 460 3.50 310 4.00 A physical inventory on September 30 shows 140 units on hand. Calculate the value of ending inventory and cost of goods sold if the company uses LIFO inventory costing and a periodic inventory system. (Round answers to O decimal places, e.g. 5,275.) Ending inventory ta Cost of goods sold