Answer:
Gross Profit                                 $ 23,253
Explanation:
Stubbs Company 
Perpetual Inventory Method
Date                      Purchases        Unit Price          Total Cost
January 1,              1,400 units         $12.00            $16,800
January 10,            1,600 units          $7.25             $11,600
Total                        3000                                        28,400
Weighted Average Cost= 28,400/3000= $ 9.467
Sales  1,600 units at$24.00 =$38,400
COGS 1600 units  at $ 9.467 =   $ 15,147
Gross Profit                                 $ 23,253
 The amount of gross margin reported on the income statement will be:    $ 23,253