How to fix iTunes 4027, 3000 error

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I was trying to update from iOS 7 beta 6 to iOS 7 GM, but kept getting an error code 4027 when I tried to restore and error 3000 when I tried to update.

The problem was because I was using iTunes 11.0.5. You need to install iTunes 11.1 beta 2 that is available in iOS Dev Center to avoid the issue.

I hope this helps, I spent quite sometime figuring out why I was getting the problem, and later realized it could be because of the wrong iTunes version.