Max Company's first year in operation was Year 1. The following inventory purchase information comes from Max's accounting records for the year.

19January	120 units @ $280
20April	240 units @ $304
15October	90 units @ $320

In December Year 1, Max sold 350 units for $480 each. Operating expenses for the year were $30,000.

Required:

Calculate the profit under LIFO (NOTE: you must calculate the cost of goods sold under LIFO first)