PROBLEM 3 (13 POINTS) FINANCIAL FORECASTING CAMBRIDGE INC. PRODUCES A PRODUCT WITH THE FOLLOWING COSTS AS OF JULY 1, 2016: $12 8 4 $24 MATERIAL LABOR OVERHEAD TOTA L BEGINNING ORY AT THESE COSTS ON JULY 1 DECEMBER 31, WAS 10,000 UNITS FRO CAMBRIDGE PRODUCED 0,000 UNITS THESE UNITS HAD A MATERIAL COST O $20 PER UNIT THE COSTS FOR LABOR AND OVERHEAD WERE THE SAME. CAMBRIDGE USES FIFO INVENTORY ACCOUNTING ASSUMING THAT CAMBRIDGE SOLD 34,000 UNIT DURING THE LAST SIX MONTHS OF THE YEAR AT $40 EACH: 1) WHAT WOULD GROSS PROFIT BE