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

June1

Balance

303units @$14

June 10

Sold

203units @ $33

11

Purchased

796units @ $17

15

Sold

499units @ $35

20

Purchased

503units @ $18

27

Sold

303units @ $37

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

LIFO

Cost of good sold $17588

Ending inventory 9240

FIFO

Cost of goods sold $16176

Ending Inventory $10652

1)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?

2) 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?