3. COGS plus ending inventory Spec. Ident. FIFO LIFO Wtd. Avg COGS Ending Inv. Total 1.b. LIFO Goods Purchased Cost of Goods Sold Balance in Inventory Date Units Unit Cost Total $ Units Unit Cost Total $ Units Unit Cost Total $ Jan. 1 200 $2 3 400 $3 00 400 $5 10 15 300 $7 20 27 400 $7 Total COGS Northgate Products Corp GENERAL JOURNAL Dec. 2019 Description Debit Credit 1.d. Weighted average Goods Purchased Cost of Goods Sold Balance in Inventory Date Unit Cost Units Unit Cost Total $ Unit Cost Units Total $ Total $ Units 200 $2.00 400 400 $3.00 $5.00 Jan. 1 3 8 10 15 20 27 300 $7.00 400 $7.00 1.c. Specific identification Goods Purchased Cost of Goods Sold Balance in Inventory Date Unit Cost Units Total $ Unit Cost Units Unit Cost Total $ Total $ Jan. 1 Units 200 $2 3 400 $3 8 400 $5 10 15 300 $7 20 27 400 $7 Total COGS 1.a. FIFO Goods Purchased Cost of Goods Sold Balance in Inventory Date Units Unit Cost Total $ Units Unit Cost Total $ Units Unit Cost Total $ Jan. 1 200 $2 3 400 $3 8 400 $5 10 15 300 $7 20 27 400 $7 Total COGS Before you begin, print out all the pages in this workbook. Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the month of January 2019, the number of gadgets purchased and sold was as follows: Purchased Sold Balance in inventory Date Units Unit cost Total $ Units Unit cost Total $ Total $ Units Unit cost 200 $21 Jan. 1 3 400 400 $3 $5 700 8 10 15 20 27 300 $7 300 400 $7 Units were sold for the following amount: Jan 10 $11 Jan 20 $12 *for specific identification, units sold on June 10 came from: Opening inventory 0 Jan. 3 purchase 380 Jan. 8 purchase 320 700 **for specific identification, units sold on June 20 came from: Opening inventory 0 Jan. 3 purchase 0 Jan. 8 purchase 60 Jan. 15 purchase 240 300 Required: 1 Complete the applicable inventory record card, and calculate cost of goods sold and the cost of ending inventory under each of the following inventory cost flow assumptions: a. FIFO b. LIFO c. Specific identification d. Weighted average. 2 Prepare the journal entries required to record purchases and sales using the FIFO inventory cost flow assumption. Descriptions are not necessary Refer to the "Compare" page. Calculate the sum of cost of goods sold and ending inventory balances under each of the four inventory cost flow assumptions. Explain the results