During 2023, a firm's inventory account included the following transactions:

First quarter	1,500 units	@ $50
Second quarter	1,250 units	@ $47
Third quarter	900 units	@ $48
Fourth quarter	2,500 units	@ $40

The inventory at the end of 2022 was 500 units at $55 per unit. Sales for the year were 5,000 units at the price of $65. Compute the gross profit for the year under FIFO and LIFO respectively.