please provide full step by step answers with clear explanation and highlights and bold the answer

Jasper & Williams 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 110 units 215 units 430 units 50 units 805 units @ $2.30 @ $2.40 @ $2.50 @ $2.60 $ 253 516 1,075 130 $ 1,974 Il Totals 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.) Ending Inventory Cost of Goods Sold a FIFO b Weighted average cost 2. Which method provides the lower profit? FIFO Weighted-average cost