17 (FIFO and LIFO-Periodic and Perpetual) Inventory information for Part 311 of Seminole Corp discloses the following information for the month of June. June 1 Balance 300 units@$10 11 Purchased 800 units@ $11 20 Purchased 500 units @ $13 June 10 Sold 200 units $24 15 Sold 500 units@ $25 27 Sold 250 units@ $27 Instructions (a) Assuming that the periodic inventory method is used, compute the cost of goods sold and ending (b) Assuming that the perpetual inventory method is used and costs are computed at the time of each (c) Assuming that the perpetual inventory method is used and costs are computed at the time of each (d) Why is it stated that LIFO usually produces a lower gross profit than FIFO? inventory under (1) LIFQ and (2) FIFO withdrawal, what is the value of the ending inventory at LIFO? withdrawal, what is the gross profit if the inventory is valued at FIFO