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Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 360

Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 360 units120 from each of the last three purchases.

Jan. 1 Beginning inventory 220 units @ $2.80 = $ 616
Mar. 7 Purchase 480 units @ $3.25 = 1,560
July 28 Purchase 1,120 units @ $3.30 = 3,696
Oct. 3 Purchase 1,000 units @ $3.60 = 3,600
Dec. 19 Purchase 400 units @ $3.70 = 1,480
Totals 3,220 units $ 10,952

Determine the cost assigned to ending inventory and to cost of goods sold for the following. (Do not round intermediate calculations and round your answers to 2 decimal places.)

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