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

June1 Balance 300units @$14

11 Purchased 804units @ $16

20 Purchased 502units @ $18

June 10 Sold 203units @ $32

15 Sold 496units @ $34

27 Sold 298units @ $36

1. Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO and (2) FIFO.

2. 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?

3. 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?