Cost of goods sold-LIFO and FIFO [LO2] At the end of January, Mineral Labs had an inventory of 975 units, which cost $8 per unit to produce. During February, the company produced 1,900 units at a cost of $12 per unit. a. If the firm sold 2,850 units in February, what was the cost of goods sold? (Assume LIFO inventory accounting.) Cost of goods sold $ b. If the firm sold 2,850 units in February, what was the cost of goods sold? (Assume FIFO inventory accounting.) Cost of goods sold $ References Worksheet Problem 4-13 Cost of goods sold-LIFO and FIFO [LO2]