The following data are available for Sellco for the fiscal year ended on January 31, 2020:

Sales 1,600 units

Beginning inventory 500 units @$4

Purchases, in chronological order 600 units @$5, 800 units @$6, 500 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.)

Cost of goods sold, Ending Inventory

FIFO

LIFO

Weighted Average

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