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2 Before you begin, print out all the pages in this worldbook. 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 Balance in Inventory 6 Sold Date Units Unit cost Total $ Units Unit cost Total Units Unit cost Totals Jan. 1 200 $2 10 3 400 $3 11 8 400 $5 12 10 700 13 15 300 $7 14 20 300 15 27 400 $7 16 17 Units were sold for the following amount: 18 June 10 10 $11 19 June 27 20 $12 20 21 for specific identification, units sold on June 10 came from: 22 Opening inventory 0 23 Jan. 3 purchase 380 24 Jan 8 purchase 320 25 700 26 27 or specific identification, units sold on June 20 came from: 28 Opening inventory 29 Jan. 3 purchase 0 30 Jan 8 purchase 60 31 Jan 15 purchase 240 32 300 33 Required: 30 1 Complete the applicable inventory record card, and calculate cost of goods sold and the cost ofending 35 inventory under each of the following inventory cost flow assumptions 36 a FIFO b. LIFO 38 c. Specific identification 39 d. Weighted averace 40 41 2. Prepare the journal entries required to record purchases and sales using the FIFO inventory cost flow assumption. Descriptions are not necessary 42 43 45 Refer to the Compare page Calculate the sum of cost of goods sold and ending inventory balance under each of the four inventory cost flow asumptions Explain the results 1.a. FIFO Goods Purchased Cost of Goods Sold Balance in Inventory Date Units Unit Cost Total $ Units Unit Cost Total 5 Units Unit Cost Total S. Jan. 1 200 $2 $400 3 400 $3 $1,200 $1,600 00 400 $5 $2,000 $3,600 200 400 100 10 $2 $3 $5 $2,100 $1,500 15 300 $7 $3,600 $2,100 200 400 200 400 400 0 0 300 0 0 300 300 0 0 0 300 0 0 0 300 400 700 $2 $3 $2 $3 $5 $2 $3 $5 $2 $3 $5 $7 $2 $3 $5 $2 $2 $3 $5 $2 $2 3 0 0 300 0 $2 $3 $S $7 $1,500 20 $2,100 2 $4,900 27 400 $7 $2,800 4900 6 7 8 19 30 $3,600 Total COGS 1.b. LIFO Goods Purchased Cost of Goods Sold Bolonce In Inventory Date Units Unit Cost Totol S Units Unit Cost Totol S Units Unit Cost Total s Jan. 1 200 $2 $400 3 400 $3 $1,200 $1,600 8 400 $5 $2,000 $3,600 400 300 0 $5 $3 $2 900 $700 15 300 $7 $2,100 $2,800 200 400 200 400 400 200 100 0 200 100 0 300 200 100 0 0 200 100 0 0 400 700 $2 $3 $2 $3 $S $2 $3 $5 $2 $3 $5 $7 $2 $3 $5 $7 $2 $3 $S $7 $7 20 300 0 0 $7 $2 $3 $S $2,100 $700 0 27 400 $7 $3,500 $2,800 Total COGS $5,000 $3,500 1.c. Specific identification Goods Purchased Cost of Goods Sold Date Balance in Inventory Units Unit Cost Total $ Unit Cost Units Total $ Unit Cost Jan. 1 Total $ $400 3 400 $3 $1,200 $1,600 8 400 $5 $2,000 $3,600 10 0 380 320 $2 $3 $$ $2,740 $860 15 300 $7 $2,100 Units 200 200 400 200 400 400 200 20 80 200 20 80 300 200 20 20 60 200 20 20 60 400 700 $2 $2 $3 $2 $3 $5 $2 $3 $5 $2 $3 $5 $7 $2 $3 $S $7 $2 $3 SS $7 S $2,960 20 0 0 60 240 $2 $3 $5 $7 $1,980 $980 27 400 $7 $2,800 $3,780 Total COGS $4,720 $3,780 Goods Purchased Cost of Goods Sold Balance in Inventory Date Unit Cost Unit Cost Unit Cost Units Total $ Units Total $ Jan. 1 3 8 400 400 $3.00 $5.00 $1,200 $2,000 700 $3.60 $2,520 Units 200 600 1000 300 600 300 700 700 $2.00 $2.67 $3.60 $3.50 $5.30 $5.30 $6.27 $627 10 15 20 27 Total S $400 $1,600 $3,600 $1,080 $3,180 $1.590 $4,390 $4,390 300 $7.00 $2,100 300 $5.30 $1,590 400 $7.00 $2,800 Total COGS $4,110 Northgate Products Corp GENERAL JOURNAL Credit Date Description 3-Jan Inventory Accounts Payable Deblt 1,200 1,200 2,000 8-Jan Inventory Accounts Payable 2,000 7,700 10-Jan Sales Accounts Receivable 7,700 2,100 15-Jan Inventory Accounts Payable 2,100 3,600 20-Jan Sales Accounts Receivable 3,600 2,800 27-Jan Inventory Accounts Payable 2,800 3,600 31-Jan COGS Inventory 3,600 3 5 5 7 Wtd. Avg. COGS Ending Inv. Total FIFO $3,600 $4,900 $8,500 UFO $5,000 $3,500 $8,500 Spec. Ident. $4,720 $3,780 $8,500 $4,110 $4,390 $8,500