You have the following information about company X transactions during January 2016 1/1 Inventory balance was 5000 units, $8 per unit 3/1 Bought 8000 units, $ 9 per unit and paid $1000 freight expense (FOB. D.) 4/1 Sold 10000 units, $20 per unit 5/1 Bought 5000 units, $ 12.5 per unit and paid $2500 freight expense (FOB. S.P.) 6/1 From 4/1 sales, 1000 units were turned back 12/1 Sold 7000 units, $25 per unit 14/1 Bought 10000 units, $13 per unit 16/1 From 12/1 sales, 500 units were turned back You are required to prepare the inventory ledger using Average Cost Method and calculate Gross Profit