Inventory information Units Unit cost 1/1 Beginning inventory 450 $6.40 20/1 Purchase 600 $6.20 25/7 Purchase 400 $6.80 20/10 Purchase 350 $6.50 A physical count of inventory on 31 December revealed that there were 500 units on hand. Ignore GST. Required: Answer the following independent questions. 1. Assume that the company uses the FIFO method. The value of the cost of sales at 31 December is $ 2. Assume that the company uses the average cost method. The value of the cost of sales on 31 December is $ 3. Assume that the company uses the LIFO method. The value of the ending inventory on 31 December is $