accounting software if a perpetual inventory system is used? (Appendix) What recommendations might you make to the president of Southern Cross regarding the use of the perpetual 4. P6-4 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 Unit Total Balance in inventory Unit Total Dote Unit Total Units stUnits costS Units cost S 100 $1 Jan. 1 31 100 $1 10 15 300 20 27 400 200. 400 Assume the January 10 units were sold on account for $3 each, and the anuary 20 units were sold on account for 55 esch for specific identification, sold 50 units of opening inventory and 150 units of purchase #2 *"for specific identification, sold 100 units of purchase #1 and 300 units from purchase #3 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. LIFO C. Specific identification d. Weighted average. Prepare the journal entries required to record purchases and sales using the FIFO inventory cost flow assumption. 2. 3. Calculate the sum of cost of goods sold and ending inventory balances under each inventory method, Explain the results