The following data are available for Sellco for the fiscal year ended on January 31, 2011:
Sales 1,600 units
Beginning inventory 500 units @ $ 4
Purchases, in chronological order 600 units @ $ 5
800 units @ $ 6
400 units @ $ 8
Assume that net income using the weighted-average cost-flow assumption is $58,000. Calculate net income under FIFO and LIFO.