The following units of an inventory item were available for sale during the year. Beginning Inventory First purchase 10 units at $55 = $550 25 units at $60 = $1,500 30 units at $65 = $1,950 15 units at $70 = $1,050 Second purchase Third purchase During the year, the firm sold 50 units at a price of $80 totaling Sales of $4,000. The firm uses LIFO and determined COGS to be $3,300. How much is Gross Profit? $700 $3,025 $3,300 $4,000