Miller Corporation uses a periodic inventory system and has the following inventory information
available for the year:
					Total
			Units	Unit Cost	Cost
Jan 1	Beginning inventory		100	$ 4.00	$ 400
Jan 20	Purchase		500	$ 5.00	2,500
Jul 25	Purchase		100	$ 6.00	600
Nov 20	Purchase		300	$ 7.00	2,100
			1,000		$ 5,600
An inventory count on December 31st revealed that there were 350 units on hand.
Required: (answer each question independently and show your work)
a)	Assume the company uses FIFO for inventory measurement.
	i) What is the value of the ending inventory at December 31st?
	ii) What is the COGS for the year?
b)	Assume the company uses Average Cost for inventory measurement.
	i) What is the value of the ending inventory at December 31st?
	ii) What is the COGS for the year?
c)	Determine the difference in profit that Miller would report if it used
	FIFO instead of Average Cost. Would profit be higher or lower?