A firm commences business on 1 January 19XO. It buys and sells silver pots. The following information is available about its purchases and sales in 19XO:

Purchases Sales

£ £

1/l/XO 100 units at£3.00 300 1!2/X0 200 units at £3.50 700 1!6/XO 200 units at £20.00 4000 8/6/XO 300 units at £4.00 1200 30/9/X0 200 units at £25.00 5000 The only other costs incurred by the firm in 19XO are £500 of administrative nonproduct costs.

Calculate alternative measures of profit for 19XO. Choose the one you think gives the best measure and justify your choice.