Crane Company commenced operations on July 1. Crane Company uses a periodic inventory system. During July, Crane Company was involved in the following transactions and events: July 2 3 4 8 Purchased $14,300 of merchandise from Suppliers Inc. on account, terms 2/10,n/30, FOB shipping point. Returned $1,200 of merchandise to Suppliers Inc. as it was damaged. Received a credit on account from Suppliers. Paid $590 of freight costs on July 2 shipment Sold merchandise for $2,700 cash. Paid Suppliers Inc. the full amount owing. Sold merchandise for $6,400 on account, 1/10, n/30, FOB shipping point. Received full payment for the merchandise sold on July 15. Crane did a physical count and determined there was $9,700 of inventory on hand. 11 15 25 31 Date Account Titles and Explanation Debit Credit (Purchase on account.) (To record purchase return.) (To record cash payment of freight.) (To record sales on account.) (Payment on account.) (To record sales on account.) July 25 d What was Crane gross profit for July? Gross profit $