Sheffield 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		1,550			$4				$6,200
	12		Purchases		2,170			5				10,850
	15		Sale		(2,330	)		12
	16		Purchases		4,920			6				29,520
	23		Purchases		1,380			7				9,660
	27		Sales		(6,210	)		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.)

	FIFO	Average Cost
Gross profit