Problem 5-32 (Static) Cost flow assumptions-FIFO, LIFO, and welghted average using a periodic system LO 7,8 The following data are available for Sellco for the fiscal year ended on January 31, 2020: Sales Beginning inventory Purchases, in chronological order 1,600 units see units @$4 600 units @55 see units 86 5e8 units $ 8 Required: a. Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and weighted average (using a periodic inventory system (Round unlt cost to 2 decimal places.) Cost or Goods Sold Ending Inventory FIFO LIFO Weighted average b. Assume that net income using the weighted-average cost flow assumption is $80,000. Calculate net income under FIFO and LIFO. (Round unlt cost to 2 decimal places.) Net Income FFO LIFO