PROBLEM 3-Worth SIXTEEN (16) points The following information pertains to Belmont Company for 2017: Beginning inventory 90 units$40 Units purchased 310 units $50 Ending inventory consisted of 40 units, Belmont sold 360 units at $8S each. All purchases and safes were made with cash. Operating expenses amounted to $3.500. What is the am ount of net income using FIFO? (Ignore inc ome tax considerations.) You will need to show the steps of how you derived net income