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.