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

date		units	price
6/1	balance	298	$11
6/10	sale	200	$26
6/11	purchase	802	$13
6/15	sale	497	$27
6/20	purchase	497	$14
6/27	sale	300	$29

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?