Question 10 Clunk Corporation uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost Jan 1 Beginning inventory 100 $4 $ 400 20 Purchase 500 $5 2,500 July 25 Purchase 100 $6 600 Nov. 20 Purchase 300 $7 2.100 1.000 $5.600 A physical count of inventory on December 31 revealed that there were 375 units on hand. Instructions Answer the following independent questions and show calculations supporting your answers 1. Assume that the company uses FIFO. The value of the ending inventory at December 31 is $ 2. Assume that the company uses average cost. The value of the ending inventory on December 31 is S