Nashville Blanket Co. buys and sells blankets. They employ the weighted average method. At the beginning of the year, Nashville Blanket Co. had 98 blankets which had been purchased at $30 per blanket. On March 13th, Nashville Blanket Co. bought 50 blankets for $40 per blanket. On August 2nd, Nashville Blanket Co. sold 112 blankets for $80 per blanket in cash. On December 16th, Nashville Blanket Co. bought 60 blankets for $45 per blanket. How are the following accounts effected on August 2nd? 1. Debit $8,960 Accounts Receivable 2. Credit $8,960 3. Debit $3,860 Revenue 4. Credit $3,860 Cost of Goods Sold 5. Debit $3,738 Accounts Payable 6. Credit $3,738 Inventory 7. Debit $3,500 8. Credit $3,500 > Cash 9. No Effect