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

Inventory information for Part 311 of Sheridan Corp. discloses the following information for the month of June. (a) Assuming the periodic inventory method is used and costs are computed at the same time of the withdrawal, what is the value of the ending inventory LIFO? (b) Assuming the perpetual inventory method is used and costs are computed at the same time of the withdrawal, what is the gross profit if the inventory is valued at FIFO?

June 1		Balance		301 units @ $16		June 10		Sold		197 units @ $37
11		Purchased		797 units @ $19		15		Sold		498 units @ $39
20		Purchased		503 units @ $20		27		Sold		297 units @ $42