3. On December 31of last year, Wolfson Corporation had in inventory 400 units of its product, which cost $21 to produce. During January the company produced 800 units at a cost of $24 per unit. Assume the Wolfson Corporation sold 700 units in January at unit price of $30, a) What was the cost of goods sold, gross profit, and the value of ending inventory using FIFO accounting? b) What was the cost of goods sold, gross profit, and the value of ending inventory using LIFO accounting