Unit 4 Assignment (5%) Tucker Corp. sells gadgets and uses the perpetual inventory system. During the month of January 2021, the number of gadgets purchased and sold was as follows: Purchased Sold Balance in inventory Date Units Unit cost Total $ Units Unit cost Total $ Units Unit cost Total $ 200 300 100 $3.00 $4.00 $5.00 Jan. 1 3 8 10 15 20 27 300* 100 $5 200** 100 $6 Assume the January 10 units were sold on account for $20 each, and the January 20 units were sold on account for $22 each. *for specific identification, sold 150 units of January 1 purchase, 50 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. 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 2. Prepare the journal entries required to record purchases and sales using the FIFO inventory cost flow assumption 3. Calculate the sum of cost of goods sold and ending inventory balances under each of the three assumptions. Explain the results