odic system The following data are available for Sellco for the fiscal year ended on Cost flow assumptions-FIFO, LIFO, and weighted average using a per Problem answer W sumption January 31, 2020: 0 7.5 Sales Beginning inventory Purchases, in chronological order 1.600 units 500 units a $4 600 units @ $5 800 units @ $6 500 units @ $8 Required: a. Calculate cost of goods sold and ending inventory under the following cost flow assumptions (using a periodic inventory system): 1. FIFO. 2. LIFO. 3. 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