Jo recently set-up as a satay man along Bukit Timah Road in Singapore providing satay at parties. Jo bought-in 1,700 chicken satays at 50 cents per satay and had 700 satays at the end of the month. He is able to sell each satay for \($1.20\) and works on a pay-for-what-you-eat basis.

REQUIRED:

a) Calculate Jo's cost of sales.

b) What gross profit did Jo make in his first month?