Problem 5-34 (Algo) Cost flow assumptions-FIFO, LIFO, and weighted average using a periodic system LO 5-7, 5-8 The following data are available for Sellco for the fiscal year ended on January 31, 2023 Sales Beginning inventory Purchases, in chronological order 760 units 290 units @$3 310 units $5 390 units @$7 190 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): b. Assume that net income using the weighted-average cost flow assumption is $13,600. Calculate net income under FIFO and LIFO Complete this question by entering your answers in the tabs below. Required A Required B Calculate cost of goods sold and ending inventory under the cost flow assumptions, FIFO, LIFO and Weighted average (using a periodic inventory system):