Muggle Inc sells high-end brooms at a retail price of $450 each. These specialty brooms magically sweep by themselves. Below is the opening inventory data for Muggle Inc. on January 1 20x9: Date #of Units Balance Jan 1, 2X9 2,000 $480,000 July 15 4,000 During 20x9, Muggle made the following purchases of brooms Date of Units Costruit Total Cost March 31 5,000 $250 $1,250,000 5,000 $260 $1,300,000 Nov $290 $1,160,000 Having found a real niche market, the brooms tew of the shelves during the year, and total units soles were 14,7501 Muggle Inc. Uses a periodic inventory system, Required What would their gross profit for 2049 be for the year ended December 31, 20x0 a) They use the FIFO inventory method. (6 marks) D) They use Weighted Average loventory method. (3 marks) (round any calculation to nearest 2 decimal places)