Concord Corporation uses a periodic inventory system. Details for the inventory account for the month of January 2017 are as follows:
Units Per unit price Total
Balance, 1/1/2017 240 $4.00 $960
Purchase, 1/15/2017 120 ... 4.20 504
Purchase, 1/28/2017 120 ... 4.40 528
An end of the month (1/31/2017) inventory showed that 190 units were on hand. If the company uses FIFO and sells the units for $8.00 each, what is the gross profit for the month?
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