Closing inventory of 7 units at R150 each on 31 December 2014

60 units at R150 each were purchased on 30 May 2015

55 units at R170 each were purchased on 31 October 2015

During the year (jan-Dec 2015) smartphoneproctective covers were sold at R200 each.

Required:

Calculate the value of closing inventory as at 31 December 2015 and gross profit for the year ended 31st December 2015 using the weighted average cost method,