Item6 10 points Time Remaining 56 minutes 21 seconds00:56:21 eBookReferencesCheck my workCheck My Work button is now enabledItem 6 Time Remaining 56 minutes 21 seconds00:56:21 Paddington Gifts made purchases of a particular product in the current year as follows: Jan. 1 Beginning inventory 280 units @ $ 6.40 = $ 1,792 Mar. 7 Purchased 540 units @ $ 6.00 = 3,240 July 28 Purchased 1,100 units @ $ 5.40 = 5,940 Oct. 3 Purchased 860 units @ $ 4.80 = 4,128 Totals 2,780 units $ 15,100 Required: 1. The business uses a periodic inventory system. Ending inventory consists of 130 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".) 2. Which method provides the lower profit? multiple choice FIFO Weighted-average cost