Outlets: 1(a). DetermIne the cost of the Inventory on December 31 and the cost of goods sold for the year ending on that date under the FIFO method. 1(b). Determine the cost of the Inventory on December 31 and the cost of goods sold for the year ending on that date under the LIFO method. 1(c). Determine the unit cost, cost of the Inventory on December 31 and the cost of goods sold for the year ending on that date under the average cost method. 2. Assume that the net realizable value of each unit on December 31 is $231. Using the lower of cost or net realizable value rule, find the inventory amount under each of the methods given in requirement 1 . Analyze: What is the dlfference between the cost and net realizable value of the Inventory using the LIFO method? Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. \begin{tabular}{|l|l|l|||l||} \hline Req1A & Req1B & Req 1C Req 2 & Analyze \\ \hline \end{tabular} decimal places.) Complete this question by entering your answers in the tabs below. Assume that the net realizable value of each unit on December 31 is $231. Using the lower of cost or net realizable value rule, find the inventory amount under each of the methods given in requirement 1 . (Round your answers to nearest whole numbers.) What is the difference between the cost and net realizable value of the inventory using the LIFO method? (Round your answel to the nearest whole number.)