Irish Company uses the periodic inventory method and had the following inventory Information available: Units 100 Unit Cost $5 $6 400 1/1 1/20 7/25 10/20 Beginning Inventory Purchase Purchase Purchase Total Cost $500 2,400 1,400 2,400 $6.700 200 300 1,000 $8 A physical count of inventory on December 31 revealed that there were 480 units on hand Answer the following independent questions 1. Assume that the company uses the FIFO method. The value of the ending inventory at December 31 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 UFO method. The value of the ending inventory on December 31 is it had used the FIFO method instead of the LIFO 4. (a) Determine the difference in the amount of income that the company would have reported method. 4. (b) Would income have been greater or less? Click if you would like to show Work for this question: Open Show Work