The following units of an inventory item were available for sale during the year. Beginning Inventory 10 units at $55 - $550 First purchase 25 units at $60 = $1,500 Second purchase 30 units at $65 = $1,950 Third purchase 15 units at $70 = $1.050 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? O $700 O $4.000 O $3.025 O $3,300