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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.

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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 199 units 450 units 1,000 units 750 units 2,390 units @$5.50 @ $5.10 @$4.50 @ $3.99 $ 1,045 2,295 4,500 2,925 $ 10,765 Required: 1. The business uses a periodic inventory system. Ending inventory consists of 120 units. C- ending inventory and to goods sold under: (Round intermediate calculations and final ang average cost".) Ending Inventory Cost of Goods Sold a. FIFO b. Weighted average cost

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