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

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 $16,000. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.)

The following data are available for Sellco for the fiscal year ended on January 31, 2020 11 Sales Beginning inventory Purchases, in chronological order B30 units 240 units @ $ 3 320 units @ $5 410 units @ $6 240 units @ $ 7 1.5 points 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.) eBook References Cost of Goods Sold Ending Inventory FIFO LIFO Weighted average b. Assume that net income using the weighted-average cost flow assumption is $16,000. Calculate net income under FIFO and LIFO. (Round unit cost to 2 decimal places.) Net Income FIFO LIFO