Question: 2An 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