Suppose that Old Navy uses the periodic inventory system and had the following inventory information available:$1/1$ beginning inventory Units:$98$Unit cost $4$Total cost $3921/20$ purchase Units $490$Unit cost $5$Total cost $24597/25$ purchaseUnits $98$Unit cost $7$Total cost $68610/20$ purchase Units $294$ Units cost $8$Total cost $2352$A physical count of inventory on December $31$ revealed that there were $343$ units on hand.Answer the following independent questions$\mathrm{.}1.$ Assume that the company uses the FIFO method. The cost of the ending inventory at December $31$ is$2.$Assume that the company uses the average$-$cost method. The cost of the ending inventory on December $31$ is$3.$Assume that the company uses the LIFO method. The cost of the ending inventory on December $31$ is$4.($a$)$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$4.($b$)$Would income have been greater or less?