Monty Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost 1/1 Beginning Inventory 102 $4 $408 1/20 Purchase 510 $5 2,550 7/25 Purchase 102 $7 714 10/20 Purchase 306 $8 2,448 1,020 $6,120 A physical count of inventory on December 31 revealed that there were 357 units on hand. Answer the following independent questions. (Round average cost per unit to 2 decimal places, eg 5.25 and final answers to o decimal places, e.g. 2,520.) 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.(a) 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 $ 4. (6) Would income have been greater or less