Suppose that Watsco had the following information regarding inventories. Price per Date Units Purchased 400 Unit As of Jan 1 100 16-Feb 200 110 2-Mar 250 112 Thus they start the year with 400 units, and make purchases of inventory in February and March. There were no purchase in April. For the quarter the firm sold 490 units of inventory at a sales price of $200 per unit. 1) Consider if Watsco used FIFO 2) Consider if Watsco used LIFO which one of the following is true: o Under FIFO Gross Profit would be 48,100; under LIFO gross profit would be 44,000 O Under FIFO COGS would be 62,000; under LIFO COGS would be 54,000 O Under FIFO GOGS would be 50,000; under LIFO COGS would be 51,000 Under FIFO Gross Profit is 36,000; under LIFO gross profit is 8,000