02:05:04 Question 4 View Policies Current Attempt in Progress Shanrock Company uses the periodic inventory method and had the following inventory information available: 1/1 Beginning inventory 1/20 Purchase 7/25 Purchase 10/20 Purchase Units Unit Cost Total Cost 100 54 5400 400 $6 2.400 200 $ 7 1 .400 300 $8 2.400 1.000 $6.600 Aphysical count of inventory on December 31 revealed that there were 400 units on hand, Answer the following independent questions 1 Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is Assume that the company uses the average Cost method. The value of the ending inventory on December 31 is 2 3. Assume that the company uses the LIFO method. The value of the ending Inventory on December 31 4. 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 methods 4. Would income have been greater or less? Attempts: 0 of 1 used Submit