THE Company employs a periodic inventory system and sells its inventory to customers for $10 per unit. THE Company had the following inventory information available for the month of May: May 1 Beginning inventory 280 units @ $3.80 cost per unit May 6 Purchased 350 units @ $4.90 cost per unit May 8 Purchased 240 units @ $4.10 cost per unit May 14 Sold 410 units May 19 Purchased 400 units @ $5.75 cost per unit May 23 Sold 270 units May 27 Sold 120 units May 29 Purchased 230 units @ $3.90 cost per unit The amount of gross profit reported on THE Company's income statement for May using the FIFO method was equal to: