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

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Accounting

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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 = 290 units 550 units 1,200 units 850 units 2,890 units @ $6.50 @ $6.10 @ $5.50 @ $4.90 $ 1,885 3,355 6,600 4,165 $ 16,005 = 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. FIFO b. Weighted average cost

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