Tetra Company purchased 2,700 units of inventory that cost $5.50 each on January 1, Year 1. An additional 3,700 units of inventory were purchased on January 12, Year 1 at a cost of $3.85 each. Tetra Company sold 4,700 units of inventory on January 20, Year 1. Assuming that Tetra Company uses the perpetual inventory method and a FIFO flow method, how would the entry to recognize the cost of goods sold affect the financial statements?