The Cohn Company used the WEIGHTED AVERAGE METHOD for valuing its inventory. Based on the following transactions what was the Companys gross profit for the month of May ? May 1 Purchased 100 pens @ $ 1.20 each May 5 Sold 30 pens @ $ 2.50 each May 10- Purchased 70 pens @ $ 1.40 each May 15 Sold 40 pens @ $ 2.50 each May 30 Sold 10 pens @ $ 2.80 each