Northgate Products Corp. sells gadgets and uses the perpetual inventory system. During the month of June $2023,$ 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 $

June. $1100$ $$1$

$3500$ $$4$

$8500$ $$6$

$10200$

$15400$ $$7$

$20500$

$27400$ $$7$

Units were sold for the following amount:

June $10$ $$11$

June $20$ $$12$

Required: Note: USE Excel for linking the numbers and use formulas in Excel for any calculations.

$1$ 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 $($see sheet Q$2$ Req $1$a FIFO$)$

b$.$ Weighted average $($see sheet Q$2$ Req $1$b WeightAvg$)$

$2$ Prepare the journal entries required to record purchases and sales using the FIFO inventory cost flow assumption. Descriptions are not necessary. $($see sheet Q$2$ Req $2)$