Current Attempt in Progress Your answer is partially correct. Grother Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost 1/1 Beginning Inventory 100 $4 $400 1/20 Purchase 500 $5 2,500 7/25 Purchase 100 $7 700 10/20 Purchase 300 $8 2,400 1,000 $6,000 A physical count of inventory on December 31 revealed that there were 350 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 $ 2750 2. Assume that the company uses the average cost method. The value of the ending inventory on December 31 is $ 2100 3. Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is $ 1400 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 $ 1350 4. (b) Would income have been greater or less? Greater