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Grouper Company uses the periodic inventory method and had the following inventory information available: Units...

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Grouper Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost 1/1 Beginning Inventory 96 $4 $384 1/20 Purchase 480 $5 2.400 7/25 Purchase 96 $7 672 10/20 Purchase 288 $8 2,304 960 $5.760 A physical count of inventory on December 31 revealed that there were 336 units on hand, Answer the following independent questions, (Round average cost per unit to 2 decimal places, 0.8 5.25 and final answers to O decimal places. e. 2,520) A physical count or inventory on Dec ber sirevealed that there wer Answer the following independent questions. (Round average cost per unit to 2 decimal places, e.g 5.25 and final answers to decimal places, c. 2,520.) 1 $ 2 $ 3. Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is Assume that the company uses the average cost method. The value of the ending inventory on December 31 Assume that the company uses the LIFO method. The value of the ending Inventory on December 31s 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 Wo income have been greater or less? $ 4.(a) $ 4. (b)

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