Question 4 Alternative cost flow assumptions-periodic LO Paddington Gifts made purchases of a particular product in the current year as follows: Jan. 1 Beginning inventory...... 240 units @ $6.00 = $ 1,440 Mar. 7 Purchased 500 units @ $5.60 = 2,800 July 28 Purchased .1,000 units @ $5.00 = 5,000 Oct. 3 Purchased 900 units @ $4.40 = 3,960 Totals....... .2,640 units $13,200 Required The business uses a periodic inventory system. Ending inventory consists of 120 units. Calculate the costs to be assigned to the ending inventory and cost of goods sold: a. FIFO b. A weighted average cost basis