Inventory information for Part 311 of Bonds Corp. discloses the following information for the month of June.

Instructions
(a) Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under
(1) LIFO
(2) FIFO.
(b) Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the value of the ending inventory at LIFO?
(c) Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the gross profit if the inventory is valued at FIFO?
(d) Why is it stated that FIFO usually produces a higher gross profit thanLIFO?

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450 units @ $1 1,200 units $2 750 units $3 June 1 Balance 11 Purchased 20 Purchased June 10 Sold 15 Sold 27 Sold 300 units $2.40 750 units @ $2.50 450 units $2.70