#3 points) On Jan 1, Bike Mart had a beginning inventory of 20 bicycles which it purchased for $350 sach. c.) At the end of February, will Bike Mart's Net Income (profits) on its Income Statement be higher f it uses the IFOor Weighted Average Inventory Method? Why? During January, the company purchases four more bicycles Tor 5400 each. None were sold in January .On February 15, the company purchases five more bicycles for S50 each. Between February 16 and 28, Bike Mart sells 10 of these bicyeles. a.) Calculate Bike Mart's Ending Inventory Balance (in dollars) at the end of February and Cost of Goods Sold through February using the FIFO Method. (show all work.) d.) At the end of February, will Bike Mart's Total Assets on its Balance Sheet be higher if it uses the FIFO or Weighted Average Inventory Method? Why? b.) Caleulate Bike Mart's Ending Inventory Balance (in dollars) at the end of February and Cost of Goods Sold through February using the Wcighted Average Method. (show all work.) e.) At the end of February, will Bike Mart's Inventory Turnover Ratio be higher if it uses the FIFO or Weighted Average Inventory Method? Why