Problem 2 (9 marks) (16 minutes) per unit On January 1, 20x8, the Music Store had 400 MP3 players in inventory with a cost of $48 During 20x8 the company made the following purchases of MP3 players: Feb 21 1,000 units at $50 each = $50,000 Jun 15 1,000 units at $52 each = $52,000 Oct 15 1,000 units at $58 each = $58,000 The selling price of each MP3 player is $100. The store had an excellent Christmas season with the result that only 70 MP3 players were left in inventory on December 31, 20x8. Assuming the company uses a periodic inventory system, calculate gross profit for the year ending December 31, 20x8, under each of the following assumptions: 1. FIFO 11 Weighted Average