X Your answer is incorrect. What was Ivanhoe' gross profit for July? Gross pront 5400 Ivanhoe Company commenced operations on July 1. Ivanhoe Company uses a periodic inventory system. During July, Ivanhoe Company was involved in the following transactions and events July 2 3 4 Purchased $14,600 of merchandise from Suppliers Inc, on account, terms 2/10,n/30. Foe shipping point Returned $1.200 of merchandise to Suppliers inc. as it was damaged. Received a credit on account from Suppliers. Paid $500 of freight costs on July 2 shipment Sold merchandise for $2.400 cash Paid Suppliers in the full imount owingi Sold merchandise for $6.800 on account 110,6/30 FOB shipping point 8 11 15 25 Received full payment for the merchandise sold on 15 31 Ivanhoe did a physical count and determined there was so 100 of inventory on