Liberty Company reported the following January purchase and sales data for its only product. Liberty uses a perpetual inventory system. Ending inventory consists of 225 units, 100 from the January 30 purchase, 80 from the January 20 purchase, and 45 from beginning inventory. Determine the cost assigned to ending inventory and to cost of goods sold using (a) specific identification, (b) weighted average, (c) FIFO, and (d) LIFO. Use the data in Exercise 6-1 to prepare comparative income statements for the month of January for Liberty Company similar to those shown in Exhibit 6.8 for the four inventory methods. Assume expenses are $1,250, and that the applicable income tax rate is 30 %. Which method yields the highest net income? Does net income using weighted average fall between that using FIFO and LIFO? If costs were rising instead of failing, which method would yield the highest net income