Question 4 On 1 November 20X2 a company held 300 units of finished goods item No 9639 in inventory. These were valued at $12 each. During November 20X2 three batches of finished goods were received into store from the production department, as follows. Date 10 November 20 November 25 November Units received 400 400 400 Production cost per unit $12.50 $14 $15 Goods sold out of inventory during November were as follows. Date Units sold Sale price per unit 14 November 500 $20 21 November 500 $20 28 November 100 $20 What was the profit from selling inventory item 9639 in November 20X2, applying the following principles of inventory valuation? (a) FIFO (b) AVCO (using cumulative weighted average costing) Ignore administration, sales and distribution costs