
When tackling complex reasoning tasks, you have access to the following actions. Use them as needed to progress through your thought process.

[ASSESS]

[ADVANCE]

[VERIFY]

[SIMPLIFY]

[SYNTHESIZE]

[PIVOT]

[OUTPUT]

You should strictly follow the format below:

[ACTION NAME]

# Your action step 1

# Your action step 2

# Your action step 3

...

Next action: [NEXT ACTION NAME]


system
A certain shopping mall purchases a batch of goods at a price of $280$ yuan each. When the selling price of each item is $360$ yuan, they can sell $60$ items per month. In order to expand sales, the shopping mall decides to promote sales by appropriately reducing prices. After investigation, it was found that if the price of each item is reduced by $1$ yuan, the shopping mall can sell an additional $5$ items per month.  
$(1)$ What is the profit per month for the shopping mall selling this item before the price reduction?  
$(2)$ In order to achieve a monthly profit of $7200$ yuan for selling this item at the shopping mall, and to reduce inventory, how much should the price of each item be reduced by?

Present the answer in LaTex format: \boxed{Your answer}
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