Using the following data taken from Payton Inc., which uses a periodic inventory system, determine the gross profit to be reported on the income statement for the year ended May 31. 
Definitions:
Real Time
Describes processes or systems that operate or provide output immediately as data is input, without noticeable delay.
Set Point
The target value that a system, such as a thermostat or another control system, attempts to maintain through regulation.
Operating Point
The steady-state condition where a system or component operates, often determined by balancing external inputs with the system's response.
Process Variable
A process variable is any measurable condition in a process or system, such as temperature, pressure, or flow rate, which can be controlled and monitored.
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