IV (25 points) Fix-IT Inc., whose fiscal year ends on December 31, is a company that specializes in selling refurbished smartphones. It buys old and broken smartphones and resells the fixed smartphones. Assume that the beginning balance of its inventory for FY 2021 was 0. Below is its inventory purchase schedule for FY 2021: Date January 16, 2021 June 1, 2021 August 31, 2021 September 22, 2021 Unit Cost Quantity $50 200 $40 180 $45 30 $35 120 $35 December 3, 2021 In addition, below is its sales transactions for FY 2021: 60 Required: Date Unit Price Quantity May 9, 2021 $70 150 November 21, 2021 $80 300 December 25, 2021 $75 70 a. Assuming that Fix-IT Inc. adopts the LIFO perpetual inventory system, calculate the cost of goods sold for FY 2021. (10 points) b. Assuming that Fix-IT Inc. adopts the FIFO perpetual inventory system, calculate the cost of goods sold for FY 2021. (10 points) c. all other things equal, how would net income for FY 2021 differ under (a) and (b)? In other words, under which method would Fix-IT Inc. have a higher net income, and by how much? (5 points)