Listed below are some transactions for Crane Products Ltd$.,$ which uses a perpetual inventory system and reports under ASPE.

May $2$: Sold inventory on account to Cullumber Inc., terms $2/10,$ n$/30.$ Selling price $$16,400$; cost $$6,560.$

May $3$: Received a portion of the inventory sold on the previous day because it was damaged and could never be sold in the future. Selling price $$1,230$; cost $$492.$

May $5$: Received a portion of the inventory sold on May $2$ that was in good condition and could be sold to other customers in the future. Selling price $$1,670,$ cost $$984.$

May $7$: Received payment in full from Cullumber Inc. for the amount due from the sale made on May $2.$ Determine the Crane$$s gross profit based on the May transactions.

DO NOT GIVE ME THIS RESULT IT IS WRONG Gross profit $ $8416$