Date	Description	Quantity
2/12/19	Purchased	3 Items @ $25 per item
3/09/19	Purchased	4 items @ $10 per item
4/16/19	Purchased	5 items @ $12 per item
5/22/19	Sold	6 items
5/24/19	Purchased	4 items @ $20 per item
6/17/19	Sold	4 items
7/1/19	Purchased	3 items @ $14 per item
7/23/19	Purchased	2 items @ $15 per item
10/26/19	Sold	5 items
11/08/19	Purchased	4 items @ $20 per item

1. Calculate both the ending inventory and the COGS using the FIFO method.
2. What is net income if the company has $500 of sales?