The following data are available for Sellco for the fiscal year ended on January 31, 2017 Sales Beginning inventory Purchases, in chronological order 840 units 320 units $4 420 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): (Round unit cost to 2 decimal places.) Cost of Goods Sold Ending Inventory FIFO LIFO 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