Problem 5-34 (Algo) Cost flow assumptions-FIFO, LIFO, and weighted average using a periodic system LO 5-7, 5-8 The following data are available for Sellco for the fiscal year ended on January 31, 2023 Sales 790 units 210 units @ $3 Beginning inventory Purchases, in chronological order 300 units @ $5 420 units @ $6 230 units @ $7 Required: a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): b. Assume that net income using the weighted-average cost flow assumption is $12,700. Calculate net income under FIFO and LIFO Complete this question by entering your answers in the tabs below. Required A Required B Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system): Note: Round unit cost to 2 decimal places. FIFO LIFO Weighted average Cost of GoodSold Ending Inventory Required A Required B>