Sales 760 units Beginning inventory 240 units @ $4 Purchases, in chronological order 320 units @...

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Sales 760 units Beginning inventory 240 units @ $4 Purchases, in chronological order 320 units @ $4 440 units @ $7 220 units @ $8 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): (Round unit cost to 2 decimal places.) FIFO LIFO Weighted average Cost of Goods Sold Ending Inventory b. Assume that net income using the weighted-average cost flow assumption is $14,500. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.) Net Income FIFO LIFO Sales 760 units Beginning inventory 240 units @ $4 Purchases, in chronological order 320 units @ $4 440 units @ $7 220 units @ $8 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): (Round unit cost to 2 decimal places.) FIFO LIFO Weighted average Cost of Goods Sold Ending Inventory b. Assume that net income using the weighted-average cost flow assumption is $14,500. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.) Net Income FIFO LIFO