Hefty Company wants to know the effect of different inventory methods on financial statements. Given below is information about beginning inventory and purchases for the current year. (Please Explain how to do this method)

January 2 Beginning Inventory 500 units at $3.00

April 7 Purchased 1,100 units at $3.20

June 30 Purchased 400 units at $4.00

December 7 Purchased 1,600 units at $4.40

Sales during the year were 2,700 units at $5.00. If Hefty used the weighted-average method, gross profit would be:

• $3,255
• $3,415
• $10,245
• $13,500