Stubbs Company uses the perpetual inventory method and the weighted-average cost flow method. On January 1, Year 2, Stubbs purchased 1,400 units of inventory that cost $12.00 each. On January 10, Year 2, the company purchased an additional 600 units of inventory that cost $7.25 each. If the company sells 1,600 units of inventory for $24 each, what is the amount of gross margin reported on the income statement? Note: Round your intermediate calculations to two decimal places.