Suppose that Old Navy uses the periodic inventory system and had the following inventory information available: Units Unit Cost Total Cost 1/1 Beginning Inventory 80 $4 $320 1/20 Purchase 400 $5 2,000 7/25 Purchase 80 10/20 Purchase 240 485 $7 560 $8 1,920 800 $4,800 A physical count of inventory on December 31 revealed that there were 280 units on hand. Answer the following independent questions. The cost of the ending inventory at A physical count of inventory on December 31 revealed that there were 280 units on hand. Answer the following independent questions. 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?