Suppose that Old Navy uses the periodic inventory system and had the following inwentory information available: A physical count of irventory on December 31 revealed that there were 441 units on hand Answer the following hidependent questions. 1. Assume that the compary uses the FIFO method, The cost of the ending inventory at December 31 is 2. Assume that the compary uses the averagecost method. The cost of the ending imentory on December 31 is 3. Assume that the company uses the LIFO method, The cost of the endingt inventory on December 31 is 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 Docember 31 is 3. Assume that the compary 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