Paddington Gifts 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 Totals 270 units 530 units 1,000 units 870 units 2,670 units @ $6.30 @ $5.90 @ $5.30 @ $4.70 - $ 1,701 127 5,300 4,089 $ 14,217 11 8 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") Ending Inventory Cost of Goods Sold . FIFO b. Weighted average cost of 38 Next >