Lance Corporation sells gadgets and uses the perpetual inventory system. During the month of January 2022 , the number of gadgets purchased and sold was as follows: Assume the January 10 units were sold on account for $15 each, and the January 20 units were sold on account for $17 each. "for specific identification, sold 1,000 units of Jan 1 and 1,500 units of Jan 8 (Jan 10 sale) **for specific identification, sold 1,000 units of Jan 3 and 2,500 from Jan 15 (Jan 20 sale) Required: 1. Complete the 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. Specific identification c. Weighted average 2. Prepare the journal entries required to record the purchases and sales using the FIFO inventory cost flow assumption