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: Purchased Sold Balance in inventory Date Units Unit cost Total $ Units Unit cost Total $ Units Unit cost Total $ Jan. 1 1,000 $3.00 3 1,500 $3.50 8 2,000 $4.00 10 2,500* 15 2,500 $5.00 20 3,500** 27 1,000 $6.50 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. 3. Prepare a table that calculates the sum of cost of goods sold and ending inventory balances under each of the three assumptions. Discuss the results using accounting theory gained from the lecture and textbook.