At the end of January, Mineral Labs had an inventory of 815 units, which cost $10 per unit to produce. During February the company produced 1,100 units at a cost of $14 per unit. a. If the firm sold 1,900 units in February, what was the cost of goods sold? (Assume LIFO inventory accounting.)
b. If the firm sold 1,900 units in February, what was the cost of goods sold? (Assuming FIFO inventory accounting.)