Question $5$

Into Company uses a periodic inventory system and reported the following inventory information for August:

Inventory, August $1,3,000$ units @ $$11$ cost per unit

August $4,$ Purchase $5,000$ units @ $$8$ cost per unit

August $9,$ Purchase $,19,000$ units @ $$12$ cost per unit

August $11,$ Sale $,16,000$ units @ $$24$ selling price per unit

August $19,$ Purchase $8,000$ units @ $$17$ cost per unit

August $21,$ Sale $11,000$ units @ $$28$ selling price per unit

August $26,$ Purchase $11,000$ units @ $$7$ cost per unit

August $27,$ Sale $7,000$ units $a$ $$26$ selling price per unit

August $29,$ Purchase $4,000$ units @ $$13$ cost per unit

Operating expenses for the month of August totaled $$225,000$ and Into Company's income tax rate was $25\%.$

Calculate the amount of gross profit reported on Into Company's income statement for August using the FIFO method.