Hi, please help with the question below. Answer the question only in the case you can make sure to answer them all and provide a detailed solution of how you get these answers. Thanks!

Periodic Inventories (12 points) Nifty Company uses the periodic inventory method and had the following inventory inform ITY Unit Cost $4 $5 $7 $8 available: Total Cost $400 2,500 700 2,400 $6.000 Units 100 500 100 300 1.000 Beginning Inventory 1/1 1/20 Purchase 7/25 Purchase 10/20 Purchase A physical count of inventory on December 31 revealed that there were 350 units on hand. Answer the following independent questions and show computations supporting your answe 1. Assume that the company uses the FIFO method. The value of the ending invento December 31 is $ 2 Assume that the company uses the average cost method. The value of the ending invent on December 31 is S 3 Assume that the company uses the LIFO method. The value of the ending inventory December 31 is $ 4Bonus Determine the difference in the amount of income that the company would hav reported if it had used the FIFO method instead of the LIFO method. Would income have bee greater or less