3) Use the information below to determine the sales revenue, cost of goods sold and gross profit that would be reported for the company related to the March 16 sale assuming the company uses LIFO inventory valuation and a perpetual inventory system. January 1: February 5: March 16: Purchased 100 units at $10 per unit. Purchased 60 units at $12 per unit. Sold 40 units for $16 per unit