Ayayai Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June:

Date			Explanation		Units		Cost/Unit price					Total cost
June	1		Initial inventory		1,480			$5				$7,400
	12		shopping		2,340			6				14,040
	15		Sale		(2,420	)		12
	sixteen		shopping		4,280			7				29,960
	23		shopping		1,580			8				12,640
	27		Sales		(5,580	)		15

Calculate the gross profit for the month of June using (1) FIFO and (2) average cost. (Round average final answers to 2 decimal places, eg 1.25. Do not round intermediate calculations.)

	FIFO	Average cost
Gross profit	$enter a dollar amount	$enter a dollar amount