3 4 Cullumber Company commenced operations on July 1. Cullumber Company uses a periodic inventory system. During July, Cullumber Company was involved in the following transactions and events: July 2 Purchased $14,300 of merchandise from Suppliers Inc. on account, terms 2/10, 1/30, FOB shipping point Returned $1.200 of merchandise to Suppliers Inc. as it was damaged. Received a credit on account from Suppliers. Paid $580 of freight costs on July 2 shipment Sold merchandise for $2,600 cash. 11 Paid Suppliers Inc. the full amount owing. Sold merchandise for $7,000 on account, 1/10, 1/30, FOB shipping point 25 Received full payment for the merchandise sold on July 15. Cullumber did a physical count and determined there was $9.500 of inventory on hand, 8 15 31 Record the transactions in Cullumber Compary's books. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Record Journal entries in the order presented in the problem) Date Account Titles and Explanation Debit Credit Debit Credit (Purchase on account.) (To record purchase return) (To record cash payment of freight) (To record sales on account.) ID- (To record sales on account) (Payment on account) > (To record sales on account) July 25 Collection on account) (Collection on account.) What was Cullumber' gross profit for July? Gross profit $