Beck Inc. uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product 2: Units Unit Cost 7700 9 Inventory, December 31, prior year For the current year: Purchase, March 5 19,700 Purchase, September 19 10,700 Sale ($30 each) 8,700 Sale ($32 each) 16,700 Operating expenses (excluding income tax expense) $407,000