Question: Stubbs Company uses the perpetual inventory method. On January 1, 2016, Stubbs purchased 1,050 units of inventory that cost $8.50 each. On January 10, 2016,

Stubbs Company uses the perpetual inventory method. On January 1, 2016, Stubbs purchased 1,050 units of inventory that cost $8.50 each. On January 10, 2016, the company purchased an additional 600 units of inventory that cost $5.50 each. If Stubbs uses a weighted average cost flow method and sells 2,000 units of inventory for $17 each, the amount of gross margin reported on the income statement will be (Round your intermediate calculations to two decimal places.)?

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