Problem #2: Inventory methods. A firm has the following transactions with respect to its product: Opening inventory: 2 units at $100 per unit Year 1: Buys 8 units at $110 per unit Buys 3 units at $115 per unit Sells 12 units at $300 per unit Buys 7 units at $120 per unit Sells 4 units at $310 per unit Required: Using Weighted average costing method. calculate the following for Year 1: 1. Closing inventory (13 points) 2. Sales (3 points) 3. Cost of sales (6 points) 4. Gross profit (3 points)