Question 7 5.5 pts ABC Company employs a periodic inventory system and sells its inventory to customers for $23 per unit. ABC Compan y had the following inventory information available for the month of Ma y: May 1 Beginning inventory 1,400 units $12 cost per unit May 8 Sold 1,100 units May 13 Purchased 1,800 units $21 cost per unit May 18 Sold 1,000 units May 21 Purchased 1,600 units $15 cost per unit May 28 Sold 750 units May 30 Purchased 1,200 units $20 cost per unit During May, ABC Company reported operatin g expenses of $5,000 and had an income tax rate of 36% Calculate the amount of net income report ed on ABC Company's income statement for May using the LIFO method