ConcordCompany uses the periodic inventory method and had the following inventory information available:

UnitsUnit CostTotal Cost1/1Beginning Inventory100$3$3001/20Purchase495$31,4857/25Purchase110$666010/20Purchase290$72,030995$4,475

A physical count of inventory on December 31 revealed that there were385units 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.Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is$

enter the value of the ending inventory in dollars

2.Assume that the company uses the average-cost method. The value of the ending inventory on December 31 is$

enter the value of the ending inventory in dollars

3.Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is$

enter the value of the ending inventory in dollars

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.$

enter the amount of difference

4. (b)Would income have been greater or less?