Inventory information for Stella Corporation discloses the following information for the month of June. June 1 Balance 11 Purchased 20 Purchased 450 units @ $11 950 units @ $13 525 units @ $14 June 15 Sold 200 units @ $24 15 Sold 575 units @ $25 27 Sold 324 units @ $27 Instructions 3.1 Assuming that the periodic inventory method is used, compute the cost of goods sold and ending inventory under (1) LIFO, (2) FIFO, (3) Average Cost. 3.2 Assuming that the perpetual inventory method is used and costs are computed at the time of each withdrawal, what is the cost of goods sold and ending inventory under (4) LIFO, (5) FIFO, (6) Average Cost. 3.3 Prepare the adjusting journal entries to record cost of goods sold for the month of June for the perpetual inventory method only. 3.4 Explain why LIFO usually produces a lower gross profit than FIFO