of tion On May 1, Zem Co. sold $12,000 of goods to Den Co. (cost of sales was 60% of sales). Credit term was 2/10, n/30, FOB shipping point. On May 2, the apprpriate party paid $100 to a delivery company to deliver the goods to the buyer's location. On May 3, Zem Co. received 25% of the goods sold to Den Co. as they were of wrong color. A credit memo was issued for the appropriate amount to Den Co. On May 10, Zem Co. received the balance due amount from Den Co. for the goods sold on May 1. What is the amount of Gross Profit for the May transactions? (note: you are doing the work on behalf of Zem Co.) [Show step by step calculation. You do not need to show the T-accounts in your answer]