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

Sales $840$ units

Beginning inventory $230$ units @ $$3$

Purchases, in chronological order $300$ units @ $$4$

Purchases, in chronological order $440$ units @ $$7$

Purchases, in chronological order $230$ units @ $$8$

$$ 

 

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 $$14,500.$ Calculate net income under FIFO and LIFO.