Unit 4 Assignment Tesco Corp. sells gadgets and uses the perpetual inventory system. During the month of January 2018, the number of gadgets purchased and sold was as follows: Purchases: Jan 1 300 units at $3.50 Jan 3 500 units at $4.50 Jan 8 100 units at $5.00 Jan 15 100 units at $5.50 Jan 27 100 units at $6.00 Sales: Jan 10 400 units* Jan 20 200 units** * For specific identification, sold 150 units of January 1 purchase, 150 units of the January 3 purchase and 100 from January 8 purchase. **For specific identification, sold 50 units of January 1 purchase and 150 units from January 3 purchase. Assume the January 10 units were sold on account for $20 each, and the January 20 units were sold on account for $22 each. 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 (round amounts to 2 decimal places) 2. Prepare the journal entries required to record purchases and sales using the FIFO inventory cost flow assumption. 3. Create a table that compares the Cost of Goods Sold and Ending Inventories under FIFO, Specific Identification and Weighted Averages. Explain why the results are different