Paddington Gifts made purchases of a particular product in the current year as follows: Jan. 1 Beginning inventory Mar 2 Purchased July 28 Purchased Oct. 3 Purchased Totals 260 units 520 units 1,200 units 880 units @ $6.20 @ $5.80 @ $5.20 @ $4.60 $ 1,612 3,016 6,240 4,048 $ 14,916 2,860 units Required: 1. The business uses a periodic inventory system. Ending inventory consists of 110 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 . a b Weighted average cost 2. Which method provides the lower profit? Weighted average cost FIFO