Question 37gray company uses the periodic inventory system to account for inventories. information related to gray company's inventory at october 31 is given below: october 1 beginning inventory 400 units @ $9.80 = $3,920 8 purchase 800 units @ $10.40 = 8,320 16 purchase 600 units @ $10.80 = 6,480 24 purchase 200 units @ $11.80 = 2,360 total units and cost 2,000 units $21,080 value the ending inventory using the fifo cost assumption if 550 units remain on hand at october 31.ending inventory $ value the ending inventory using the weighted-average cost method if 550 units remain on hand at october 31.ending inventory $ value the ending inventory using the lifo cost assumption if 550 units remain on hand at october 31.ending inventory $sunland shutters has the following inventory information. nov. 1 inventory 20 units @ $8 8 purchase 110 units @ $4.017 purchase 60 units @ $5.025 purchase 110 units @ $6.0a physical count of merchandise inventory on november 30 reveals that there are 110 units on hand. assume a periodic inventory system is used. ending inventory under fifo is$1608.$520.$660.$1662.