Isa owns a wine retailing business. He conducts a physical count of inventory once a month. At the end of November 2020 Isa wishes to carry out a valuation of inventory in accordance with IAS 2. Isa knows from his invoices from suppliers that the following transactions took place in November 2020: Bottles Price per bottle $ Opening inventory 50 4.00 13 November: purchase 120 4.10 14 November: purchase 130 4.20 27 November: sale 180 7.20 29 November: sale 40 7.25 30 November: purchase 25 4.25 Required: Calculate the cost of closing inventory and gross profit for the period using the FIFO method.