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Miller Corporation uses a periodic inventory system and has the following inventory information available for the year: An inventory count on December 31 st revealed that there were 350 units on hand. Required: (answer each question independently and show your work) a) Assume the company uses FIFO for inventory measurement. i) What is the value of the ending inventory at December 31 st? ii) What is the COGS for the year? b) Assume the company uses Average Cost for inventory measurement. i) What is the value of the ending inventory at December 31 st? ii) What is the COGS for the year? c) Determine the difference in profit that Miller would report if it used FIFO instead of Average Cost. Would profit be higher or lower? Miller Corporation uses a periodic inventory system and has the following inventory information available for the year: An inventory count on December 31 st revealed that there were 350 units on hand. Required: (answer each question independently and show your work) a) Assume the company uses FIFO for inventory measurement. i) What is the value of the ending inventory at December 31 st? ii) What is the COGS for the year? b) Assume the company uses Average Cost for inventory measurement. i) What is the value of the ending inventory at December 31 st? ii) What is the COGS for the year? c) Determine the difference in profit that Miller would report if it used FIFO instead of Average Cost. Would profit be higher or lower