unl 2 (ch 5,6,8) Version 4B Comprehensive Problem 4 (18 points) Grother Company uses the periodic inventory method and had the following inventory information available: 1/1 Beginning Inventory 100 1/20 Purchase 7/25 Purchase 10/20 Purchase $4 $5 $7 $8 400 500 100 300 2,500 700 Total unit 1000 A physical count of inventory on December 31 revealed that there were 350 units on hand Instructions ow computations supporting your answers. Assume that the company uses the FIFO method. The value of the ending inventory at 1. December 31 is $ 2. Assume that the company uses the average cost method. The value of the ending inventory on December 31 is $ 3. Assume that the company uses the LIFO method. The value of the ending inventory on December 31 s 4. Determine the difference in the amount of income that the company would have reported if it had used FIFO method instead of the LIFO method. Would income have been greater or less? Pag