Monty 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		1,600			$4				$6,400
	12		Purchases		2,400			5				12,000
	15		Sale		(2,640	)		12
	16		Purchases		4,680			6				28,080
	23		Purchases		1,520			7				10,640
	27		Sales		(5,940	)		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.)

Monty 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 1.600 $4 $6,400 12 Purchases 2,400 5 12,000 15 Sale (2,640) 12 16 Purchases 4.680 6 28.080 23 Purchases 1.520 7 10,640 27 Sales (5,940) 15 FIFO Average Cost of goods sold 45880 $ 47487 Cost of ending inventory $ 11240 $ 9639 e Textbook and Media Attempts: 2 of 3 used (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 $ $