On 1 November 2020 a company held 300 units of finished goods in inventory. These were valued at $12 each. During November 2020 three batches of finished goods were received into store from the production department, as follows: Date Units received Production cost per unit
10 November 400 $12.50
20 November 400 $14.00
25 November 400 $15.00
Goods sold out of inventory during November were as follows:
Date Units sold Sales price per unit
14 November 500 $20.00
21 November 500 $20.00
28 November 100 $20.00

Required: Calculate the gross profit for the month November 2020 with the following two methods: