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Bramble 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

Bramble 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 1,510 $6 $9,060
12 Purchases 2,520 7 17,640
15 Sale (2,540 ) 12
16 Purchases 4,320 8 34,560
23 Purchases 1,490 9 13,410
27 Sales (5,710 ) 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, e.g. 1.25. Do not round intermediate calculations.)

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