Graham Company uses a periodic inventory system. Details for the inventory account for the month of January 2020 are as follows:

Units Per unit price Total

Balance, 1/1/20 400 $5.00 $2,000

Purchase, 1/15/20 200 5.30 1,060

Purchase, 1/28/20 200 5.50 1,100

An end of the month (1/31/20) inventory showed that 240 units were on hand. If the company uses FIFO and sells the units for $10 each, what is the gross profit for the month?

Select one alternative:

• $5,600
• $6,000
• $2,752
• $2,848