On 1 November 2019, JS Company held 300 units of finished goods in inventory.The company use perpetual inventory system.These were valued at RM12 each.During November 2019 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 RM12.50

20 November 400 RM14

25 November 400 RM15

Goods sold out of inventory during November were as follows:

Date Units sold Sale price per unit

14 November 500 RM20

21 November 500 RM20

28 November 100 RM20

Required:

Determine the gross profit from selling inventory in November 2019, applying the following principles of inventory valuation:

(a)FIFO

(b)Average cost