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Manning plc buys and sells scarves for cash. It buys them for 20 each and...

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Accounting

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

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