The following information relates to a company's inventory records for their 2013 fiscal year. This company uses a periodic system. Beg. Invt. Jan 1, '13 # Units $ Cost/Unit Total Cost 400 $ 2.10 $ 840 Purchases: Feb. 1 May 30 Oct. 15 Dec. 15 1,000 $ 2.35 2,350 900 $ 2.20 1,980 800 $ 2.20 1.760 900 $ 2.30 2,070 A physical count of inventory at year-end determined there were 500 units on hand. During the year, all sales were recorded at $5 per unit. If the company uses FIFO, gross profit would be: $1,150 $9,650 $9,000 $7,850