Required: From the information given below, calculate the cost of goods sold, the closing inventory, and the gross profit for the yem in the following: 1. The periodic weighted average method 2. The periodic FIFO method Assume a selling price of $75 per unit The following information relates to the inventory in the records of Canada Ltd Date Details Units Unit price Total 8 $35 $280 1 July 14 Aug. Beginning Inventory Purchased 11 $38 418 25 Sept. Sold 9 8 Jan Purchased 10 400 $40 5 $42 210 Purchased 13 March 11 113 April Sold 4 110 June Sold Paragraph B I SEE