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Neverstop Corporation sells item A as part of its product line. Information about the beginning inventory, purchases, and sales of item A are given in

Neverstop Corporation sells item A as part of its product line. Information about the beginning inventory, purchases, and sales of item A are given in the following table for the first six months of the current year. The company uses a perpetual inventory system:

Purchases Sales
Date Number of Units Unit Cost Number of Units Sales Price
January 1 (beginning inventory) 580 $ 4.10
January 24 380 $ 5.60
February 8 680 $ 4.20
March 16 380 $ 5.60
June 11 680 $ 4.20

2. Compute the gross profit for the first six months of the current year by using the FIFO costing method. (Do not round intermediate calculations and round the final answer to 2 decimal places.)

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