Crane Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost 1/1 Beginning Inventory 104 $6 $624 1/20 Purchase 416 $7 2.912 7/25 Purchase 208 $8 1,664 10/20 Purchase 312 $9 2,808 1,040 $8,008 A physical count of inventory on December 31 revealed that there were 500 units on hand. Answer the following independent questions. (Round average per unit cost to 2 decimal places, es 15.25 and other answers to 0 decimal places, es 1,525) 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. (4) 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. $ 4. (b) Would income have been greater or less