Effie Company uses a periodic inventory system. Details for the inventory account for the month of January, 2013 are as follows:
| Units | Per unit price | Total | ||||
| Balance, 1/1/13 | 200 | $5.00 | $1,000 | |||
| Purchase, 1/15/13 | 100 | 5.30 | 530 | |||
| Purchase, 1/28/13 | 100 | 5.50 | 550 |
An end of the month (1/31/13) inventory showed that 140 units were on hand. If the company uses FIFO and sells the units for $10 each, what is the gross profit for the month?
a. 1220
b. 1282
c. 1838
4. 1900