The following information is taken from the records of East Oak Distributors Inc. The company uses the perpetual inventory system. *for specific identification, sold 175 units of purchase #1 and all units of purchase #2. **for specific identification, sold 20 units of opening inventory, 300 units of purchase #3, and 80 units of purchase #4. Required: Calculate cost of goods sold and the cost of ending inventory under each of the following inventory cost flow assumptions: a. FIFO b. Specific identification c. Weighted average. Assume each unit was sold for $5. Complete the following partial income statements: Which costing method would you choose if you wished to maximize net income? Maximize ending inventory value