Max has provided you with information below and asked you to calculate the COS and Gross Profit for the two items listed. Max began the month with no stock of either product. Max's latest stock take revealed that there were 62 units of Product 1 and 8 units of Product 2 still on hand. Product 2 The DIY Clean Air Turbo System is an off the shelf package including everything you need to install a new Turbo system. The packs sell for $2,200 each. Date Purchases Sales (units) (units) Aug 25 @ $1,000 9 6 5 @ $1,060 1 10 @ $1,092 1 2 3 5 8 12 15 18 21 22 24 26 (2) Returned undamaged 4 7 8 @ $1153.50 7 8 TOTAL 48 40 While you were busy preparing this report for Max he has once again gone back to his somewhat incomplete notes from University and has managed to dig up the following comments. ...a perpetual system of recording inventory is able to provide more information... ...using the weighted average method is more likely to produce a consistent profit figure over time Max likes the sound of these ideas and would like to see how they work. Max still believes the FIFO system would be best for the Clean Power kits as he usually sells the oldest stock first, but would like you to record the DIY packs using the weighted (moving) average method as he makes more profits on their sales. Complete the stock cards provided below using the same information Max above as needed. Date Purchases (In) Quantity Unit Total Cost Cost Sales (Out) Quantity Unit Total Cost Cost Balance Quantity Unit Cost Total Aug 1