Units Unit Cost Total Cost 1/1 Beginning Inventory 96 $4 $384 1/20 Purchase 480 $5 2,400 7/25 Purchase 96 $7 672 10/20 Purchase 288 $8 2,304 960 $5,760 A physical count of inventory on December 31 revealed that there were 336 units on hand. Answer the following independent questions. (Round average cost per unit to 2 decimal places, e.g. 5.25 and final answers to 0 decimal places, e.g. 2,520.) 1. Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is $ 2. Assume that the company uses the average cost method. The value of the ending inventory on December 31 is $ 3. Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is SA $ 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?