9 Exercise 6-16 Alternative cost flow assumptions-periodic LO8 10 Paddington Gifts made purchases of a particular product in the current year as follows: points Jan. 1 Beginning inventory References Mar. 7 Purchased July 28 Purchased Oct. 3 Purchased Totals 300 units @ $6.60 560 units @ $6.20 1,000 units @ $5.60 840 units @ $5.00 2,700 units $ 1,980 3,472 5,600 4,200 $ 15,252 Required: 1. The business uses a periodic inventory system. Ending inventory consists of 120 units. Calculate the costs to be assigned to the ending inventory and to goods sold under: (Round intermediate calculations and final answers to 2 decimal places for "Weighted average cost".) a. FIFO b. Weighted average cost Ending Inventory Cost of Goods Sold