1. A company maintains a perpetual inventory system. You are provided below with the beginning inventory at July 1 as well as the details for the 4 purchases of inventory and 3 sales of inventory occurring during July:

   	Date	Unit Price	Quantity	Extended
   Beg. Balance	1-Jul	$2.50	1,000	$2,500
   July Purchases:	Date	Unit Price	Quantity	Extended
   1	2-Jul	$3.00	1,000	$3,000
   2	5-Jul	$3.15	1,500	$4,725
   3	8-Jul	$3.50	1,400	$4,900
   4	13-Jul	$4.15	2,000	$8,300
   July Customer Sales:	Date	Unit Price	Quantity	Extended
   1	3-Jul	$12.00	1,600	$19,200
   2	11-Jul	$12.00	2,100	$25,200
   3	15-Jul	$12.00	2,600	$31,200

   Assume the company uses the weighted average method. How much gross profit will be reported for the first half of July (i.e. for the two weeks ended July 15th)? Round your intermediate calculations to 4 decimals and your final answer to the nearest $1.

   	A.	$51,581
   	B.	$54,463
   	C.	$53,829
   	D.	$55,062
   	E.	$54,212