Blue Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of June: Date Explanation Units Unit Cost/Price Total Cost June 1 Beginning inventory 1,370 $6 $8,220 12 Purchases 2,430 7 17,010 15 Sale (2,540) 12 16 Purchases 4,070 00 32,560 23 Purchases 1,400 9 12,600 27 Sales (5,230) 15 * Your answer is incorrect. Calculate the gross profit for the month of June using (1) FIFO and (2) average cost. (Round average final answers to 2 decimal places, e.g. 1.25. Do not round intermediate calculations.) FIFO Average Cost Gross profit $ $