Mweru wantipa Limited buys and sales ball bearings to mining companies on the Copperbelt province. The selling price per bearing is $15. The company has no opening inventory at the beginning of January and during January the following receipts and sales were recorded: 2 January 10 January 15 January 22 January 30 January Received 1,300 bearings $8.40 per bearing Received 950 bearings $9.15 per bearing Sold 760 bearings Received 330 bearings Sold 870 bearings The price on 22 January was affected by increase in inflation of 9%. The management accountant calculated price 22 January in relation to price on2 January i Using the weighted average cost method of inventory valuation, what is the gross profit reported in January Using the LIFO method of inventory valuation, what is the gross profit reported in January ii. (9 marks)l T 1