Shanrock Company uses the periodic inventory method and had the following inventory information available:

A physical count of inventory on December $31$ revealed that there were $400$ units on hand.

Instructions

Answer the following independent questions and show computations supporting your answers. Please do include dollar signs and commas when needed.

Assume that the company uses the FIFO method. The value of the ending inventory at December $31$ is

Assume that the company uses the Average$-$Cost method. The value of the ending inventory on December $31$ is

Assume that the company uses the LIFO method. The value of the ending inventory on December $31$ is

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. Would income have been

greater or less?