Lopez Company reported the following current-year data for its only product. The company uses a periodic inventory system, and its ending inventory consists of 480 units160 from each of the last three purchases.

Jan. 1 Beginning inventory 260 units @ $3.20 = $ 832

Mar. 7 Purchase 560 units @ $3.45 = 1,932

July 28 Purchase 1,200 units @ $3.70 = 4,440

Oct. 3 Purchase 1,080 units @ $5.20 = 5,616

Dec. 19 Purchase 560 units @ $6.50 = 3,640

Totals 3,660 units $ 16,460 Required:

1. Determine the cost assigned to ending inventory and to cost of goods sold for the following.