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On January 1, 2017, I CAN Company changed to the average method. The cumulative effect of this change is not determined, as a result, the ending inventory for 2016 for which the FIFO method was used is also the beginning inventory for 2017 for the average method. The following data was available from the materials ledger card for the two most recent years: The following data was available from the materials ledger card for the two most recent years: Material AB Material XY Units Unit Cost Units Unit Cost 2016 Purchases January 5,000 P40 22,000 20 April 12,000 45 November 17,000 50 18,500 25 December 10,000 60 2017 Purchases 3,000 70 35,000 February 30 TWICE 12,000 75 May October 20.000 80 N A 25C vne here to search O HE 2017 Purchases February 3,000 70 35,000 30 May 12,000 75 October 20,000 80 December 30,500 35 Units on Hand December 31, 2016 15,000 14,500 December 31, 2017 16,000 20,000 Required: Compute for the following: 1. FIFO inventory December 31, 2016 2. FIFO inventory December 31, 2017 3. Average inventory December 31, 2017