13 5 Problem 5-32 (Algo) Cost flow assumptions-FIFO, LIFO, and weighted average using a periodic system LO 7, 8 The following data are available for Sellco for the fiscal year ended on January 31, 2020: 1.17 points Skipped Sales 850 units Beginning inventory 240 units @ $4 Purchases, in chronological order 340 units @ $4 440 units @ $6 240 units @ $8 eBook References Required: a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): (Round unit cost to 2 decimal places.) FIFO LIFO Weighted average Cost of Goods Sold Ending Inventory b. Assume that net income using the weighted-average cost flow assumption is $12,100. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.) Net Income FIFO LIFO