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

Sales1,600unitsBeginning inventory500units@$4Purchases, in chronological order600units@$5800units@$..s@$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.)

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.)