Manning plc buys and sells scarves for cash. It buys them for $20$ each and sells them for $40$ each. During June, its first month of trading, the company bought $70$ scarves and had $20$ scarves remaining in inventory at the month end.

Ignoring any other expenses or payments, which of the following statements is true for June?

The business made a gross profit for the month of $1,000$ and its bank balance increased by $600$ as a result of trading

The business made a gross profit for the month of $600$ and its bank balance increased by $600$ as a result of trading

The business made a gross profit for the month of $600$ and its bank balance increased by $1,000$ as a result of trading

The business made a gross profit for the month of $1,000$ and its bank balance increased by $1,000$ as a result of trading