The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales Beginning inventory Purchases, in chronological order 1,600 units 500 units 600 units 800 units @ $6 500 units @ $4 @$5 @$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 S S 8.000 S 10,300 $ 5.800 3,500 b. Assume that net income using the weighted-average cost flow assumption is $80,000. Calculate net Income under FIFO and LIFO. (Round unit cost to 2 decimal places.) Net Income FIFO LIFO