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: Long Company began August with 150 units of Product XY having a unit cost of $20 in inventory. Relevant information is listed as follows:

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Long Company began August with 150 units of Product XY having a unit cost of $20 in inventory. Relevant information is listed as follows: Purchase: August 6 150 units at $22 per unit

Sale: August 17 180 units at $41 per unit

Purchase: August 21 200 units at $25 per unit

Sale: August 30 150 units at $41 per unit

If Long Company uses the FIFO inventory cost flow assumption, what is its gross profit for the month?

Please explain this in detail

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