An entity started in Year 1 with 200 scented candles on hand at a cost of $3.50 each. These candles sell for $7.00 each. The following schedule represents the purchases and sales of candles during Year 1: Transaction Number Quantity Purchased Unit Cost Quantity Sold 1 --- --- 150 2 250 $3.30 --- 3 --- --- 100 4 200 3.10 --- 5 --- --- 200 6 350 3.00 --- 7 --- --- 300 If the entity uses periodic FIFO inventory pricing, the gross profit for Year 1 would be A. $2,755 B. $2,920 C. $2,805 D. $2,854