Question 6/8 30p. Problem 2 (30 marks): Johnson Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total 1/1 Beginning Inventory 100 $4 $ 400 1/20 Purchase 400 $5 2,000 7/25 Purchase 200 $7 1,400 10/20 Purchase 300 $8 2.400 1.000 $6.200 A physical count of inventory on December 31 revealed that there were 400 units on hand. Instructions: Answer the following independent questions and show computations supporting your answers. 1. Compute the ending inventory and Cost of goods sold at Dec 31 using FIFO methods. 2. Compute the ending inventory and Cost of goods sold at Dec 31 using the Weighted - Average cost methods. 3. Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the Weighted - Average cost method. Would income have been greater or less