On 1 November 2021 a Business held 300 units of finished goods in Inventory. These were valued at 12 each. During November 2021 three batches of finished goods were received into store from the production department as follows: Date 10 November 20 November Units Received 400 400 400 Cost Per Unit 12.50 14.00 15.00 25 November Goods Sold from Inventory during November were as follows: Date Units Sold 14 November 500 21 November 500 28 November 100 Required: Selling Price Per Unit 20.00 20.00 20.00 (b) Explain with the assistance of calculations the impact on Gross Profit of applying the FIFO, LIFO and AVCO Inventory Valuation Methods. [3]