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Jasper & Williams made purchases of a particular product in the current year as follows: Jan. 1 Beginning inventory 1 1 0 units @ $

Jasper & Williams made purchases of a particular product in the current year as follows:
Jan. 1 Beginning inventory 110 units @ $ 2.30= $ 253
Mar. 7 Purchased 215 units @ $ 2.40=516
July 28 Purchased 430 units @ $ 2.50=1,075
Oct. 3 Purchased 50 units @ $ 2.60=130
Totals 805 units $ 1,974
Required:
1. Ending inventory consists of 158 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.)
2. Which method provides the lower profit?
multiple choice
FIFO
Weighted-average cost

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