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An entity started in Year 1 with 200 scented candles on hand at a cost of $3.50 each. These candles sell for $7.00 each. The following schedule represents the purchases and sales of candles during Year 1:
Transaction ......Quantity ......Unit ......Quantity
Number........... Purchased..... Cost...... Sold
1 ....................--- ................--- .........150
2 ....................250............... $3.30 ......---
3 ....................---................. --- .........100
4 ....................200............... 3.10........ ---
5 .....................--- ...............--- ...........200
6 ....................350............... 3.00........ ---
7 .....................--- ...............--- ...........300
If the entity uses periodic FIFO inventory pricing, the gross profit for Year 1 would be