Problem 5-34 (Algo) Cost flow assumptionsFIFO, 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 820 units Beginning inventory 260 units @ $4 Purchases, in chronological order 300 units @ $5 450 units @ $7 230 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 $15,600. Calculate net income under FIFO and LIFO. Problem 5-34 (Algo) Cost flow assumptionsFIFO, 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 820 units Beginning inventory 260 units @ $4 Purchases, in chronological order 300 units @ $5 450 units @ $7 230 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 $15,600. Calculate net income under FIFO and LIFO.