3a) In its first month of operations, Quilt Co began with an inventory of 300 units at $8. They made three purchases of merchandise in the following order: 250 units at $8, 400 units at $7, and 350 units at $6. There are 400 units left on hand at the end of the period. Calculate the cost of goods sold and ending inventory under a) FIFO, b) Average cost, and c) LIFO [9] Here's a table to help you organize the data: Purchase Date/order # of Units Unit cost Total purchase cost 3b) Create an income statement for the business in question 3 using the information below AND your choice of Ending Inventory and Cost of Goods Sold from your answer to question 3 (pick one of FIFO, Average Cost or LIFO). You may use your work in the practice exercise for Activity 2 to help with creating this modified Income statement. Remember to identify which inventory costing method you are choosing and to briefly explain why.[4 marks for Statement, 1 for explanation] Beginning Inventory: $2400 Net Sales: $25000 Purchases: $6900 Operating Expenses: $11000 Ending Inventory: Cost of Goods Sold: I am picking the method because For period ended January 31, 2022,