In 2018, the Wallace Company purchased 83,000 units from its supplier at a cost of $2,400.00 per unit.

In 2018, the Wallace Company purchased 83,000 units from its supplier at a cost of $2,400.00 per unit. Wallace sold 90,000 units of its product in 2018 at a price of $3,400.00 per unit. Wallace began 2018 with 8500 units in inventory (inventory is carried at a cost of $2,400.00 per unit). Using this information, compute Wallace’s gross profit for 2018.