Marigold Industries had the following inventory transactions occur during 2014: 2/1/20 Purchase 3/14/20 Purchase 5/1/20 Purchase Units 59 88 60 Cost/unit $50 $48 $49 The company sold 145 units at $60 each and has a tax rate of 20%. Assuming that a periodic inventory system is used, what is the company's gross profit using FIFO?(rounded to whole dollars) $1622 $7078 $1680 $7020