QUESTIONS: 1. Lambda Company uses the periodic inventory method and had the following inventory information available: 1/1 Beginning Inventory 1/20 Purchase 7/25 Purchase 10/20 Purchase Units 100 5353 Unit Cost Total Cost $3 $ 300 400 $4 1,600 300 $5 1,500 200 $6 1,200 1,000 $4,600 A physical count of inventory on December 31 revealed that there were 300 units on hand. Answer the following independent questions and show computations supporting your answers. a. Assume that the company uses the FIFO method. Compute the value of the COGS and Ending Inventory at December 31. b. Assume that the company uses the Average Cost method. Compute the value of the COGS and Ending Inventory at December 31. c. Assume that the company uses the LIFO method. Compute the value of the COGS and Ending Inventory at December 31. d. 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?