Kegin Company sells many products. Whamo is one of its popular items. Below is an analysis of the inventory purchases and sales of Whamo for the month of March. Kegin Company uses the periodic inventory system. Purchases Sales Units Unit Cost Units Selling Price Unit 3/1 Beginning inventory 100 $40 3/3 Purchase 60 $50 - 314 Sales 3/10 Purchase 200 $55 3/16 Sales $90 3/19 Sales 3/25 Sales 3/30 Purchase $60 $80 $90 $90 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. Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method. Would income have been greater or less