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 Sold Balance in inventory Unit cost Total $ Units Unit cost Total $ Total $ Date Units Jan. 1 31 400 Units 200 Unit cost $2 $3 400 700 300 20 300 300 14HHHH ** W 27 400 Units were sold for the following amount: June 10 $11 June 27 $12 *for specific identification, units sold on June 10 came from: Opening inventory Jan. 3 purchase 380 Jan. 8 purchase 320 700 oo 60 **for specific identification, units sold on June 20 came from: Opening inventory Jan. 3 purchase Jan. 8 purchase Jan. 15 purchase 240 300 Required: 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 b. LIFO c. Specific identification d. Weighted average. 2 Prepare the journal entries required to record purchases and sales using the FIFO inventory cost flow assumption. Descriptions are not necessary. Refer 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. 1.c. Specific identification Goods Purchased Cost of Goods Sold Balance in Inventory Date Unit Cost Unit Cost Unit Cost Units Total $ Units Total $ Total $ Units 200 Jan. 1 $2 H 3 400 $3 8 400 $5 L 15 300 $7 27 400 | $7 Total COGS 1.a. FIFO Goods Purchased Goods Purchased Cost of Goods Sold cost of Goods Sold + Balance in Inventory Balance in Inventory Date Units Unit Cost Total $ Units Unit Cost Total $ Units Unit Cost Total $ Jan. 1 200 $2 400 | $3 400 15 300 400 $7 Total COGS 1.b. LIFO Goods Purchased Cost of Goods Sold Balance in Inventory Date Units Unit Cost Total $ Units Unit Cost Total $ Units Unit Cost Total $ Jan. 1 200 $2 400 $3 400 $5 15 300 ST $7 27 400 $7 Total COGS 1.d. Weighted average Goods Purchased Cost of Goods Sold Balance in Inventory Date Unit Costume Total $ Unit Cost Unit Cost Units Units Total $ Total $ Units 200 Jan. 1 $2.00 400 $3.00 $5.00 8 400 10 15 $7.00 20 400 $7.00 Northgate Products Corp GENERAL JOURNAL Dec. 2019 Description Debit Credit 3. COGS plus ending inventory FIFO LIFO Spec. Ident. Wtd. Avg. COGS Ending Inv. Total = =