Swifty Ltd. uses the perpetual inventory system and reports the following inventory transactions for the month of Jun Date Explanation Units Unit Cost/Price Total Cost June 1 Beginning inventory 1,580 $4 $6,320 12 Purchases 2,320 5 11,600 15 Sale (2,670 ) 12 16 Purchases 4,700 6 28,200 23 Purchases 1,620 7 11,340 27 27 Sales (5,830) 15 (a) * Your answer is incorrect. Calculate the gross profit for the month of June using (1) FIFO and (2) average cost. (Round average cost final answers to 2 decimal places, e.g. 1.25. Do not round intermediate calculations.) FIFO Gross profit $ Average Cost 56300 $ 54880