Wash the Floor Corporation uses the periodic inventory method and had the following inventory information available: Date Transaction Units Unit Cost Total Cost 1-Jan Opening Inventory 1,100 10.25 $ 11,275 20-Mar Purchase 2,200 12 26,400 4-Jul Purchase 1,600 14 22,000 9-Oct Purchase 800 16 12,800 5,700 $ 72,475 A physical count of inventory on December 31 revealed that there were 950 units on hand. Instructions Answer the following independent questions and show calculations supporting your answers. 1. Assume that the company uses FIFO. The value of the ending inventory at December 31 is $__________. 2. Assume that the company uses average cost. The value of the ending inventory on December 31 is $__________.