Pams Creations had the following sales and purchase transactions during Year 2023. Beginning inventory consisted of 240 items at $94 each. The company uses the FIFO cost flow assumption and keeps perpetual inventory records.

Date	Transaction	Description
5 March	Purchased	260 items @ $105
10 April	Sold	160 items @ $212
19 June	Sold	300 items @ $212
16 September	Purchased	260 items @ $115
28 November	Sold	200 items @ $218

Required:

Calculate cost of sales and gross profit by using the FIFO inventory costing method.