Help Save & Exit Sub ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%252Fm... 05 - Quiz Saved Quiz i Saved Save & Exit Submit Cost of Goods Sold Ending Inventory FIFO LIFO Problem 5-32 (Algo) Cost flow assumptions-FIFO, LIFO, and weighted average using a periodic system Weighted average LO 7, 8 The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales 780 units ped Beginning inventory 300 units @ $3 Purchases, in chronological order 350 units @ $4 b. Assume that net income using the weighted-average cost flow assumption is $12,900. Calculate net income under FIFO and LIFO 420 units @$7 240 units @$7 look (Round unit cost to 2 decimal places.) frences Required: Net Income a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a FIFO periodic inventory system): (Round unit cost to 2 decimal places.) LIFO A Cost of Goods Sold Ending Inventory FIFO LIFO Weighted average FAIle PPT FAlle PPT Chapt.pptx Sbull Lis Soul Lis LUSI O E4