1) Date 2/12/20 3/09/20 4/16/20 5/22/20 5/24/20 6/17/20 7/1/20 7/23/20 10/26/20 11/08/20 Description Purchased Purchased Purchased Sold Purchased Sold Purchased Purchased Sold Purchased Quantity 4 Items @ $30 per item 5 items @ $15 per item 6 items @ $12 per item 6 items 5 items @ $25 per item 4 items 4 items @ $10 per item 3 items @ $20 per item 5 items 5 items @ $25 per item a) Calculate both the ending inventory and the COGS using the FIFO method. b) What is net income if the company has $200 of sales? 2) Date 1/10/20 1/18/20 2/05/20 3/10/20 4/20/20 5/13/20 7/27/20 9/22/20 11/02/20 12/8/20 Description Purchased Purchased Sold Sold Purchased Sold Purchased Purchased Sold Purchased Quantity 4 Items @ $35 per item 5 items @ $12 per item 3 items 3 items 5 items @ $30 per item 4 items 4 items @ $14 per item 3 items @ $25 per item 4 items 5 items @ $25 per item a) Calculate both the ending inventory and the COGS using the LIFO method. b) What is net income if the company has $350 of sales