Current Attempt in Progress Pronghorn 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 1,610 $ 4 $6,440 12 Purchases 2,470 5 12,350 15 Sale (2,260) 12 16 Purchases 4,380 6 26,280 23 Purchases 1,640 7 11,480 27 Sales (6,100) 15 (b) 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 $ $