Stubbs Company uses the perpetual inventory method. On January 1, Year 1, Stubbs purchased 1,400 units of inventory that cost $12.00 each. On January 10, Year 1, the company purchased an additional 600 units of inventory that cost $7.25 each. If Stubbs uses a weighted average cost flow method and sells 1,600 units of inventory for $24.00 each, the amount of gross margin reported on the income statement will be: (Round your intermediate calculations to two decimal places.)