Current Attempt in Progress In its first month of operation, Marigold Corp purchased 350 units of inventory for $10, then 450 units for $11, and finally 390 units for $12. At the end of the month, 430 units remained. Compute the amount of phantom profit that would result if the company used FIFO rather than LIFO. Phantom profit $ $ Riverbed Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost 1/1 Beginning Inventory 105 $3 $315 1/20 Purchase 495 1,980 7/25 Purchase 95 $5 475 10/20 Purchase 325 $6 1,950 1,020 $4,720 A physical count of inventory on December 31 revealed that there were 375 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 decimal places, e.g. 2,520.) 1. $ 2. $ 3. 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 Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is 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. Would income have been greater or less? $ 4.(a) $ 4. (b)