The following data are available for Sellco for the fiscal year ended on January $31,2023$:

Sales $750$ units

Beginning inventory $240$ units @ $$4$

Purchases, in chronological order $350$ units @ $$4$

Purchases, in chronological order $420$ units @ $$6$

Purchases, in chronological order $240$ units @ $$7$

Required:

Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average $($using a periodic inventory system$)$:

Assume that net income using the weighted$-$average cost flow assumption is $$14,000.$ Calculate net income under FIFO and LIFO.