Riverbed Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1 , of 480 bookcases at a cost of $132 each. During June, the company had the following purchases and sales of bookcases: Is the gross profit determined in part (b) higher or lower than it would be if Riverbed Furniture had used FIFO? The gross profit is than it would be using the FIFO cost method because the cost of the product being purchased is Riverbed Furniture Ltd. uses a perpetual inventory system and has a beginning inventory, as at June 1 , of 480 bookcases at a cost of $132 each. During June, the company had the following purchases and sales of bookcases: Is the gross profit determined in part (b) higher or lower than it would be if Riverbed Furniture had used FIFO? The gross profit is than it would be using the FIFO cost method because the cost of the product being purchased is