Base Ull Le avove information, calculate the amount that should appear on Oliva's balance sheet at December 31, 2020, for inventory. 6,500 4, 800 12,500 E8.10 (LO 3) (FIFO and LIFO-Periodic and Perpetual) Inventory information for Part 311 of Monique Aaron Corp. discloses the following information for the month of June. June 1 Balance 300 units @ $10 June 10 Sold 200 units @ $24 3.000 10 DO 100 4.600 3.000 Purchased 800 units @ $12 15 Sold 500 units @ $25 300 x 12, 3600 20 Purchased 500 units @ $13 27 Sold 300 units @ $27 16000-1000. 300 a? Instructions a. Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (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 LIFO usually produces a lower gross profit than FIFO? 8.100 44,500 SOO X 600 E8.23 (LO 4) (Dollar-Value LIFO) The following information relates to the Jimmy Johnson Company. Ending Inventory Price Date (End-of-Year Prices) Index December 31, 2016 $ 70,000 100 December 31, 2017 90,300 105 December 31, 2018 95,120 116 December 31, 2019 105,600 120 December 31, 2020 100,000 125 Use the dollar-value LIFO method to compute the ending inventory for Johnson Company for 2016 through 2020