Inter Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost 1/1 Beginning Inventory 15 $8.00 $ 120 1/20 Purchase 30 $8.40 252 7/25 Purchase 60 $8.80 528 10/20 Purchase 45 $9.60 432 150 $1,332 A physical count of inventory on December 31 revealed that there were 55 units on hand. Instructions Answer the following independent questions and show computations supporting your answers. 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. Assume that the company uses the FIFO method. The value of the cost of goods sold at December 31 is $__________. 5. Which method reports the highest amount of cost of goods sold on the Income Statement? 6. Which method reports the highest amount of ending inventory on the Balance Sheet?