Jasper & Williams made purchases of a particular product in the current year as follows: Jan. 1 Beginning inventory Mar. 7 Purchased July 28 Purchased Oct. 3 Purchased 57:57 Totals 110 units @ $2.30 260 units @ $2.40 520 units @ $2.50 50 units @ $2.60 940 units = $ 253 = 624 = 1,300 130 $ 2,307 Required: 1. Ending inventory consists of 161 units. Assuming a periodic system, determine the costs to be assigned to cost of goods sold and ending inventory under: (Round your intermediate calculations and final answers to 2 decimal places.) a. FIFO b. Weighted average cost Ending Inventory Cost of Goods Sold 2. Which method provides the lower profit? O FIFO O Weighted-average cost