Question 37 Gray Company uses the periodic inventory system to account for inventories. Information related to Gray Company's inventory at October 31 is given below: Ooctober Beginning inventory 400 units @ $9.80 = $3,920 8,320 6,480 Purchase 800 units @ $10.40 = 600 units @ $10.80 = Purchase 16 Purchase 200 units @ $11.80 = 24 2,360 Total units and cost 2,000 units $21,080 Value the ending inventory using the FIFO cost assumption if 550 units remain on hand at October 31. Ending Inventory Value the ending inventory using the weighted-average cost method if 550 units remain on hand at October 31. Ending Inventory 2$ Value the ending inventory using the LIFO cost assumption if 550 units remain on hand at October 31. Ending Inventory $1