Reference no: EM132462231

ABC Company employs a periodic inventory system and sells its inventory to customers for $27 per unit. ABC Company had the following inventory information available for the month of May:

May 1 Beginning inventory 2,400 units @ $14 cost per unit
May 8 Sold 1,000 units
May 13 Purchased 1,300 units @ $17 cost per unit
May 18 Sold 1,200 units
May 21 Purchased 1,100 units @ $11 cost per unit
May 28 Sold 300 units
May 30 Purchased 700 units @ $10 cost per unit

During May, ABC Company reported operating expenses of $14,500 and had an income tax rate of 43%.

Question 1: Calculate the amount of gross profit shown on ABC Company's income statement for May using the weighted average method.