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Part 2 (15 points) Two Wheels operates on a fiscal year beginning January 1. At the beginning of the year, the shop had 6 bicycles @$394 each (opening inventory). During the year the business made the following purchases: le ate an.20 19 23 30 35 r. 23 ul t. 3 There were seven bicycles in inventory at the end of the period. During the year, the bicycles were sold for $675 each Instructions: Calculate the cost of the ending inventory using the FIFO, LIFO, and weighted average cost methods. Prepare a partial income statement for each inventory costing method showing the sales and the calculation of gross profit on sales Assume that the sales and purchases are net amounts