Waterway Industries had the following inventory transactions occur during 2014: 2/1/20 Purchase 3/14/20 Purchase 5/1/20 Purchase Units 50 94 60 Cost/unit $43 $48 $54 The company sold 140 units at $70 each and has a tax rate of 40%. Assuming that a periodic inventory system is used, what is the company's gross profit using FIFO? (rounded to whole dollars) $2720 $7080 $3330 $6470