Kinney Company uses a periodic inventory system. At the end of the annual accounting period, December 31, 2006, the accounting records provided the following information for product A:

Date	Description	Units .	Unit Cost
01/01/2006	Beginning Inventory	3,000	$6
03/21/2006	Purchase	2,500	$7
08/15/2006	Purchase	4,000	$8

During 2006, the company sold 5,000 units of product A for $20 each.

Part A Compute costs of goods sold under FIFO inventory costing method.

Part B Compute gross profit under FIFO inventory costing method.