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Page 10 of 12 Part C- Unit 3 - Inventory Control McQuire Company uses the periodic inventory method and had the following inventory information available: Unit Cost Total Cost 1/1 Beginning Inventory Units 100 $4 $ 400 2,000 1/20 Purchase 400 $5 7/25 Purchase 200 $7 1,400 10/20 Purchase 300 $8 2,400 1,000 $6,200 A physical count of inventory on December 31 revealed that there were 400 units on hand. Instructions: Answer the following independent questions and show calculations supporting your answers. a) Assume that the company uses the FIFO method. Calculate the value of the ending inventory on December 31. (3 marks) b) Assume that the company uses the Average Cost method. Calculate the value of the ending inventory on December 31. (2 marks) c) Assume that the company uses the LIFO method. Calculate the value of the ending inventory on December 31