A company maintains a perpetual inventory system and started the month of May with 350 units of inventory on hand. During the month of May the company sold 1,800 units to customers on the dates indicated below. Assuming that the company utilizes the weighted average inventory costing method what should be reported as gross profit for the month of May? (Round your final answer to the nearest $1). Purchases Date Units Price 1-May 350 $5.00 8-May 400 $8.00 18-May 500 $8.42 25-May 800 $8.95 2,050 Date Units Price Sales 11-May 600 $12 22-May 500 $12 28-May 700 $12 1,800 A. $7,480 $7,618 -$7,466 $7,270 E. $7,497