Vaughn Industries had the following inventory transactions occur during 2020:

		Units	Cost/unit
2/1/20	Purchase	56	$48
3/14/20	Purchase	120	$48
5/1/20	Purchase	69	$55

The company sold 154 units at $70 each and has a tax rate of 30%. There is no beginning inventory. Assuming that a periodic inventory system is used, what is the companys gross profit using FIFO? (rounded to whole dollars)

$3388

$7875

$2905

$7392