Problem:
ABC Company employs a periodic inventory system and sells its inventory to customers for $25 per unit. ABC Company had the following inventory information available for the month of May:
- May 1 Beginning inventory 2,000 units @ $15 cost per unit
- May 8 Sold 1,700 units
- May 13 Purchased 1,500 units @ $12 cost per unit
- May 18 Sold 1,600 units
- May 21 Purchased 1,000 units @ $18 cost per unit
- May 28 Sold 300 units
- May 30 Purchased 500 units @ $10 cost per unit
During May, ABC Company reported operating expenses of $7,000 and had an income tax rate of 30%.
Required:
Question: Calculate the amount of gross profit earned by ABC Company during May using the weighted average method. Do not use decimals in your answer.