Grother Company uses the periodic inventory method and had the following inventory information available 1/1 Beginning Inventory 100 $4 1/20 Purchase 7/25 Purchase 10/20 Purchase Units Unit Cost Total Cost $400 2,500 700 2.400 $6.000 500 100 300 1,000 $5 $7 $8 A physical count of inventory on December 31 revealed that there were 350 units on hand Answer the following independent questions Assume that the company uses the FIFO method. The value of the ending inventory at December 31s 2. Assume that the company uses the average cost 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 FIFOs 4.(b) Would income have been greater or less? Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is method instead of the LIFO method