Company uses the periodic inventory method and had the following inventory information available : Units Unit Cost TotalCost 1/1 Beginning inventory 100 $4 $ 40 1/20 Purchase 400 5 $2,000 7/25 Purchase 200 $ 7 $1,400 10/20 Purchase 300 8 $2,400 Total 1,000 $ 6,200 A physical count of inventory on 1213 1 revealed there were 300 units on hand (meaning 70 O were sold ). Assume the company uses the average cost method. The dollar amount assigned to Ending Inventory is 2480 1800 4340 1860 Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost TotalCost 1/1 Beginning inventory 100 $ 4 $400 1/ 20 Purchase 400 $ 5 $2,000 7/25 Purchase 200 $ 7 $1,400 10/20 Purchase 300 8 $2,400 Total 1,000 $6,200 Assume a sales price of $ 1 2 per unit. Which of the three methods (FIFO, LIFO, or average cost ) will provide the lowest net income? FIFO Average cost Net income would be the same under each method LIFO Company uses the periodic inventory method and had the following inventory information available : Units Unit Cost TotalCost 1/1 Beginning inventory 100 $ 4 $400 1/20 Purchase 400 $ 5 $ 2,000 7/25 Purchase 200 $ 7 $1,400 10/20 Purchase 300 8 $2,400 Total 1,000 $ 6, 200 Assume a sales price of $ 1 2 per unit. Which of the three methods (FIFO, LIFO, or average cost ) will provide the highest revenue? FIFO Average cost LIFO Revenue would be the same under each method