Paddington Gifts made purchases of a particular product in the current year as follows: Jan. 1...

 

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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 Required: 200 units @ $5.60 = $ 1,120 460 units @ $5.20 = 2,392 1,200 units @ $4.60 = 5,520 760 units @ $4.00 3,040 2,620 units $ 12,072 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".) a. FIFO b. Weighted average cost Ending Inventory Cost of Goods Sold 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 Required: 200 units @ $5.60 = $ 1,120 460 units @ $5.20 = 2,392 1,200 units @ $4.60 = 5,520 760 units @ $4.00 3,040 2,620 units $ 12,072 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".) a. FIFO b. Weighted average cost Ending Inventory Cost of Goods Sold

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