Lakewood Company sold 5,000 units of its product at $50 per unit during the year ended December 31, 2016; 1,600 were sold on February 16th, 1,400 were sold May 9th and 2,000 sold on December 12th. It incurred operating expenses of $10 per unit in selling the product. It began the year with 600 units in inventory and made successive purchases of the product as follows: Prepare a comparative income statement for the company showing in adjacent columns the net incomes earned from the sale of the product assuming the company uses a perpetual inventory system and prices its ending inventory on the basis of: (a) FIFO, (b) LIFO, and (c) Weighted Average (rounded to three decimal places). 2) Determine the total cost of ending inventory under each of the above cost flow assumptions