The Materials Management Director and the Controller were reviewing the annual supply expense for the facility which is a Long Term Acute Care hospital (LTAC). Per unit prices have decreased on supply purchases all year, and the Controller and Materials Management Director feel that earnings (net income) could be improved if they switched from the LIFO to the FIFO method. The Controller pulled a detail trial balance of the inventory account and noticed the following activity Activity Units Total Cost Beg, Balance 1/1/2017 600 $18,000 Purchase 1/17/17 1.100 $31,900 Purchase 3/23/17 1,300 $32,500 Purchase 5/19/17 $21,600 Purchase 9/15/17 $17,600 Purchase 11/27/17 1,500 $31,500 Ending Balance 12/31/17 3,000 mm 900 800 Using the LIFO method calculate the ending inventory balance in dollars at 12/31/2017 Answer: Using the LIFO method calculate the supply expense for the year. Answer: Using the FIFO method calculate the ending inventory balance at 12/31/2017 in dollars: Answer: Using the FIFO method calculate supply expense for the year: Answer: | Assume you were feeling extremely confident about both your LIFO and FIFO calculations for this problem and for fun decide to see what the ending inventory balance would be using the Weighted Average Inventory Method. Adding the beginning balance costs and units and all the purchases costs and units for the period and subtracting the units consumed, you determine that the supply expense was $79,019 for 2017. Given these facts, what is the ending inventory balance in dollars at 12/31/2017 under this method? Answer: Given the fact pattern presented in this problem, which method (FIFO or LIFO) results in lower net income/earnings for the year, all else the same? (answer question with LIFO or FIFO in the response)