The inventory records below relate to Peter Corp.'s first fiscal quarter in 2022: Units 700 Unit Cost $110.00 January 1, 2022 Purchases January 5, 2022 January 21, 2022 February 9, 2022 500 800 400 $120.00 $125.00 $145.00 The physical inventory on March 31, 2022, shows 1,000 units on hand. 1. Prepare the adjusting journal entry on March 31, 2022, to record the cost of goods sold assuming FIFO cost flow assumption. 2. Prepare the adjusting journal entry on March 31, 2022, to record the cost of goods sold assuming a LIFO cost flow assumption