Question2 Goldwell Ltd is a reseller of shampoo and hair products. Beginning inventory at January 2016 is zero, operating expenses for this same year are $5,000. The following purchases are made in the year 2016 January March June October December Total Units 100 300 600 300 500 1,800 Per Unit 12 13 14 15 16 Cost 1,200 3.900 8,400 4,500 8,000 26,000 Ending inventory at December 31, 2016 is 800 units. End-of-year assets, excluding inventories, amount to $75,000 of which $50,000 of the $75,000 are current. Current liabilities amount to $25,000 and long-term liabilities equal $10,000 (a)Determine net income for the year ended 2016 under each of the following inventory methods. Assume a sales price of $25 per unit and ignore income taxes (i) (ii) (iii) FIFO method LIFO method Average cost method (9 marks)