Into Company uses a periodic inventory system and reported
the following inventory information for August:
Inventory, August 1 3,000 units @ $11 cost per unit
August 4, Purchase 5,000 units @ $8 cost per unit
August 9, Purchase 19,000 units @ $12 cost per unit
August 11, Sale 16,000 units @ $24 selling price per unit
August 19, Purchase 8,000 units @ $17 cost per unit
August 21, Sale 15,000 units @ $28 selling price per unit
August 26, Purchase 11,000 units @ $7 cost per unit
August 27, Sale 7,000 units @ $26 selling price per unit
August 29, Purchase 4,000 units @ $13 cost per unit
Operating expenses for the month of August totaled $225,000
and Into Company's income tax rate was 25%.
Calculate the amount of gross profit reported on Into Company's
income statement for August using the FIFO method.