Redlands, Inc. began business by purchasing 2 units of inventory for $3 each. The company made a second purchase of 2 items costing $4 each. Redlands then sold 3 items for $5 each. 1. Compute the weighted average cost of each unit purchased. 2. Compute cost of goods sold under FIFO. 3. Compute gross profit under FIFO. 4. Compute cost of goods sold under LIFO. 5. Compute ending inventory (not gross profit) under LIFO.