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: PurchasedSoldBalance in inventory DateUnitsUnit costTotal $Units Unit costTotal $UnitsUnit costTotal $ Jan. 1 200$2 3400$3 8400$5 10 700* 15300$7 20 300** 27400$7 Units were sold for the following amount: Jan10$11 Jan20$12 *for specific identification, units sold on June 10 came from: Opening inventory 0 Jan. 3 purchase380 Jan. 8 purchase320 700 **for specific identification, units sold on June 20 came from: Opening inventory0 Jan. 3 purchase0 Jan. 8 purchase60 Jan. 15 purchase240 300 Required: 1Complete 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. 2Prepare the journal entries required to record purchases and sales using the FIFO inventory cost flow assumption. Descriptions are not necessary. 3Refer 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