Cost flow assumptions$$FIFO$,$ LIFO, and weighted average using a periodic system The following data are available for Sellco for the fiscal year ended on January $31,2023$:

Sales

$1,600$ units

Beginning inventory

$500$ units @ $$4$

Purchases, in chronological order

$600$ units @ $$5$

$800$ units @ $$6$

$500$ units @ $$8$

Required:

Calculate cost of goods sold and ending inventory under the following cost flow assumptions $($using a periodic inventory system$)$:

FIFO.

LIFO.

Weighted average. Round the unit cost answer to two decimal places and ending inventory to the nearest $$10.$

Assume that net income using the weighted$-$average cost flow assumption is $$80,000.$ Calculate net income under FIFO and LIFO.